Homeownership is a dream that most people hope will become a reality at one point in their lives.  However, everyday realities and the time constraints of work, kids, and family--as well as a lack of knowledge of how to buy a home--tend to delay that dream.

Let me tell you how I became a homeowner at the age of 19.

Having little money available to put down on an apartment, I never even thought of purchasing a home.  I felt I would never qualify for a mortgage, let alone find the time to learn how to buy a home. 

One day as I was leaving the grocery store, I picked up a magazine to look at and dream of the home I would one day purchase.  While looking through the magazine I saw an advertisement that described what was involved in purchasing a home and obtaining a mortgage--in language that made sense to me, the average consumer.

After mulling it over for a few weeks, and still facing the reality of needing first and last months' rent plus a security deposit to rent an apartment, I decided to make some calls to find out about the different programs available to first-time homeowners. 

I was skeptical, but I listened to what the bank representative had to say.  I asked questions about what was needed to qualify for a home loan, and the costs behind doing so.  After contacting a few other lenders and asking advice from friends and relatives, I was surprised to find myself starting to become a believer, and decided to give the process a chance.
 
I submitted my most recent pay stubs, bank statements, and tax returns to the lender to determine the amount of home I would qualify for, and most importantly, what my monthly mortgage payments would be.

In a few days, I again spoke to the lender who was working on my file, and I was overwhelmingly surprised at the amount of the monthly mortgage payment.  The monthly payment equaled what I would be paying each month for rent.  I asked myself, "How can this be?"

I made an appointment with the lender to carefully go over the numbers, and find out how the mortgage payment on a home could be the same or even less than the monthly cost of rent.  After discussing the different loan options available to me, I became a believer. 

Because I was a first-time home buyer, I qualified for loans that are not available to other home buyers.  The loan programs available to first-time home buyers differ from other loans in interest rate and payback terms.  These loans are offered to buyers who are deciding between buying and renting--homeownership versus paying off someone else’s mortgage by paying rent.

In order to stimulate the economy, first-time homebuyers get a “discounted” loan with lower monthly payments. These loans are designed to make homeownership a reality for those who think they will never own a home.  And, you don’t need perfect credit or even a large monthly income.  What many home buyers don’t realize is that these government-assisted loans are available.

Looking back, I realize that if I hadn't taken a chance and made those calls, I might not own my home today.  I’m now 32.  Since buying my home at 19, I have paid off one-third of my mortgage and with pride and pleasure, have watched my property value continue to grow.