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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Homebuying Strategies that Work

Want to buy a home? Try these strategies for size.

Although the housing market has been in a tizzy in recent years, there have been some creative solutions produced which are making the homebuying process more affordable for many buyers.

Below, we’ll share three creative strategies that my borrowers have used to make buying their home easier or cheaper.




Bridge the Gap with a Bridge Loan

Are you itching to upgrade to your dream home but feel stuck because you haven’t sold your current home yet? If so, I’ve got a strategy for you.

With a bridge loan, you can bridge the gap between buying and selling without compromising on your dream home. Bridge loans allow you to buy a new home before you sell your current one in just 5 easy steps, which you can find below:

  • Make your plan to purchase before selling your home.

  • Apply for a bridge loan.

  • Purchase your new property.

  • Sell your existing property.

  • Repay your bridge loan.

Don’t let the timing of your current sale hold you back any longer. With a bridge loan you can bridge the gap and make that dream a reality.

Side Hustle for Your Down Payment

With the minimum down payment and closing costs on a home averaging around $20,000, how do you save your way to that point while everything costs more due to inflation?

While some programs don’t require a down payment and there are down payment assistance programs out there to utilize, most buyers will need at least 5% of the sales price to cover their down payment and closing costs.

Although it might take a little extra work, you can turn your spare time into a down payment with a part-time job or a side hustle.

Whether you’re working evenings, weekends, or just a few hours a week, every dollar earned brings you one step closer to owning your own piece of real estate.

Save on Closing Costs with Seller Credits

Are you dreaming of homeownership but are having a hard time saving up enough cash to cover your closing costs? Well, you’re in luck.

With seller credits, you can have the seller pay your closing costs on your behalf, making it easier than ever to achieve your goal of owning a home.

The amount they pay varies depending on your loan details, but in many circumstances, they can cover most, if not all, of your costs. Below are the maximum seller-paid closing costs on a primary home:

Conventional Loan

  • 90.01+ Loan-To-Value – 3%

  • 70.01 to 90.00 Loan-To-Value – 6%

  • 75 or fewer Loan-to-Value – 9%


FHA Loan – 6%

  • VA Loan – 4%

  • USDA Loan – 6%

Does this knowledge change your confidence in your ability to buy a home? Sometimes it might take a little extra work on your end, but there are plenty of workarounds to make it easier for you to achieve your dreams of homeownership. If you want an experienced team in your corner during the journey, reach out to a member of my team to get started!

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