![]() That’s great - but while zero down does make buying a home more accessible in theory, a down payment will decrease your loan amount, resulting in lower monthly payments. Having served in the military, I happen to qualify for a VA loan. There are government-sponsored loans (VA and USDA loans) that will allow you to buy without a down payment, but both have a very strict set of criteria that must be met in order to qualify. Having a substantial down payment is just about a must-have these days. Look: 15 Cities Where Houses Are the Best Bargains Right Now Saving for a Down Payment This is a tough choice that you might also have to face depending on where you live now. I don’t really want to move, but it’s a must if I want to buy, and so I finally settled on Oregon. ![]() Like so many who live in high-cost-of-living areas, I’ve been completely priced out of the market, and have had to look outside the area for an affordable house. The median price of a single-family home in the Bay Area was an unbelievable $1.25 million in April 2023. I live in San Francisco, where home prices are miles out of reach for the average person. The median home sale price was $386,000 - and while prices have come down since then, it’s been a relatively small decline, meaning homes are still very expensive. In June of last year, home prices in the U.S. Here are some of the common hurdles that I (and others) have faced while planning for homeownership. If, like me, you are planning to buy a house in the near future, you may be wondering what to look out for. ![]() Learn: 3 Things You Must Do When Your Savings Reach $50,000 Mortgage Interest Rate Forecast for 2023: When Will Rates Go Down? However, as anyone that has bought a home will tell you, the path to ownership is full of financial challenges, some obvious, some unexpected. It’s more than just a roof over your head - it represents stability, financial security and a place to put down roots. Buying a house is a significant milestone in life.
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