Rent to Own in Rutland, Vermont
Are you currently renting and want to be a homeowner? Read on to learn how easy this can be…
The average income in Rutland County Vermont is $22,000 per year, which means that the average double income home makes about $44,000 per year. A two-bedroom apartment in Rutland rents for $1,000 per month, the question is can you pay $1,000 per month, and $12,000 per year as a mortgage payment and help build equity instead of simply renting ?
The answer is YES.
Rent to Own in Rutland, Vermont
Using a mortgage calculator, you can quickly see how much you can afford and you can get a sense of what the cost of insurance would be for a home in your price range. For reference, $1,000 a month in mortgage and insurance costs will buy you a house between $125,000 and $140,000.
In Rutland, Vermont – that’s a lot of house!
Homeownership is more than just the monthly mortgage payments. You also need to be able to pay the 20% down payment and have money saved for possible home repairs or required renovations.
How do you do this on $44,000 per year?
Where to start?
We recommend that every homebuyer starts by taking a Homebuyer Education class either in person or online. Most lenders require the class anyway so why not start now, no matter where you are in the process?
These classes provide the fundamental information that you need in order to buy a home. You will learn what you can afford, how to read your credit score, ways to improve your credit, and what goes on at a home inspection to understand possible pitfalls of home buying. You will also receive free homeownership counseling along with your class, to help make sure that your credit is in order before seeking financing.
You can learn more about NeighborWorks of Western Vermont Homebuyer Education classes here.
After Homebuyer Education Class, What Next?
Will Realtors work with you if your income is $44,000 per year?
Yes, Realtors welcome homebuyers who have a track record of paying their monthly bills on time and can afford to pay $1,000 per month. RealtyWorks, a division of NeighborWorks of Western Vermont, specializes in helping people find the perfect home, that is, the home that they will love and that they can afford.
In addition, you can search for your home online and find a lot of options before you ever start talking to a Realtor. Check out this search that shares all homes for under $150,000 in Rutland, Vermont. It’s a great place to start!
The Best News Yet: Loans and Grants
NeighborWorks of Western Vermont offers low-interest down payment assistance loans of up to $40,000. There is no income cap or first-time buyer requirement.
In addition to a down payment loan, NeighborWorks offers grants to qualified buyers that could cover some of the down payment. The Vermont Housing and Conservation Board HOMELAND Program offers grants of up to 20% of the purchase price (up to $40,000).
Maintaining a Home
Many potential homebuyers are hesitant to make the step to home ownership because of the potential home repair and renovation expenses. Perhaps the home that is perfect for you requires some work to make it more comfortable in short order.
That’s ok, upgrading and fixing up a home will increase its value. After a little elbow grease and some repairs, your home could be worth more than you paid for it.
There’s help available for home repairs too. NeighborWorks of Western Vermont offers loans to eligible homeowners who need to make health, safety, and efficiency home repairs.
For those buying a new home that requires renovation, consider a NeighborWorks Home Repair Loan. Not only will you be able to makes necessary repairs, but you can have peace of mind knowing that you will receive project management from the NeighborWorks repair team.
Is Buying a Home one of your dreams?
If owning a home is a goal for you, please contact us. Affordable homeownership is available and accessible. We would love to work with you and help you find the home that is right for you.