Owning a million dollar home always seems far out of reach for a typical person but in truth, it really isn’t. With an incredible budget and awesome planning, you can achieve anything in this world.
First off, you have to look at the place where you’ll be living. Ask yourself is the neighborhood friendly enough for your kids? How about the schools in the area? Are they highly rated? Once you’re done looking at those aspects, move on to the crime rate. You wouldn’t want to spend a million or more than a million dollars on a home only to put it back on the market after a few months.
A knowledgeable real estate property investor like We Buy Fast Houston Houses can turn anyone’s dream of owning a million dollar home into a reality. We already have the luxury home in our inventory, so the only thing that we need to do is help you figure out how the purchase is going to be financed. And yes, we can sort out that issue as well because we have worked before with Houston buyers who didn’t have enough, financially, to purchase a house in Texas.
How can one afford my million-dollar house?
Some people will advise you to visit mom and dad’s bank but we wouldn’t advocate for that. If you really want to buy a million-dollar house in Houston, Texas, you should consider exploring the owner financing route. That’s the easiest way to afford such a home especially if you do not have a solid credit score or financial asset.
What if you have a steady job?
Yes, that will also tip the odds to your favor but think about this, how many people in the United States can make more than 200,000 dollars every year? Very few people, right? And that’s not even going to be enough. You still have to have zero debts and a significant amount of savings in the bank.
Let’s just break it all down for a second…
Say you decide to take out a loan. The maximum amount that any lender will be comfortable lending out is 500,000 dollars or less. Not more! and like we said before, only someone who has a high score and squeaky clean credit history can qualify for such a loan. Typically, lenders often accept a score or 620 but in your case, it will have to be 740 or higher. Also, chances are any lender you talk to will ask for proof of emergency reserves. They’ll want to be sure that you can pay the mortgage for at least six months.
What about the down payment?
There’s no way around this. If you cannot settle a down payment of 20 percent then you’ll have to finance the purchase through other means. And that should not be a bad thing. There will always be light at the end of the tunnel. We Buy Fast Houston Houses is that light.
You can always call us, reach out through our social media pages, or visit our offices.