5 Ways to Own a New Home With Little Capital

5 Ways to Own a New Home With Little Capital

How can you own a new home if you have little capital? It’s certainly possible, but
it might not be as easy as it seems. There are certain options that are better than
others when it comes to finding a house while staying on budget and avoiding
debt. Check out these five ways to own a new home with little capital so you can
get started in the right direction!

1. Get a Credit Card

Getting approved for a credit card with high limits gives you access to cash that
you can spend on your down payment and closing costs. Depending on your
income, it’s likely that you’ll get approved for some amount of available credit. For
example, if you make $100,000 per year and have decent credit, you may be
able to get between $30,000 and $50,000 worth of available credit—enough for a
down payment on an entry-level home.
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1. Work on Improving Your Credit Score

Your credit score is a snapshot of your financial health—it tells lenders how
trustworthy you are and whether or not they should lend you money. The higher
your score, generally speaking, the more likely you are to be approved for loans.
Since those loans are going to be used toward buying that new home of yours,
it’s important that you start working on building up your credit score as soon as
possible.
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1. House hacking, an easy way to lower your housing costs

House hacking is an easy way to lower your housing costs and increase your
passive income. House hacking entails buying multiple homes and leveraging
them to pay for all or part of your current residence. You may not be able to
afford a full down payment on one home, but if you buy two or three, you can
build equity in each property as it appreciates in value over time.
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1. Check out Special Needs Housing
   If you’re looking for housing, be sure to check out Special Needs Housing. These
   units are set aside for low-income households with special needs. In general,
   these homes will be in bad condition and need an investment of about $100,000,
   which includes repairs and improvements.
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2. Rent out half of your house

One obvious way to save money is to rent out part of your house. In fact, it might
make more sense to do so than not. After all, you’re probably paying for space
that isn’t serving any purpose.
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