Real Estate and Low Income Families

by Andrew Murray on July 15, 2011

I’ve learned something very significant in the last few weeks. Real Estate has always seemed to be unattainable for the low income family. Many young and small families frequently find themselves in an apartment, low or high end, and never realize the dream of home ownership. One such client, whose name will remain anonymous, got me into looking at this with a microscope. Another client, whose name will also remain anonymous, has sought the same benefits of home ownership and the funny part about it all – it’s not turning out to be overly difficult.

The way lenders are looking right now, in an attempt to stave off a slow real estate market, is to offer packages and promotional products to tempt young or first time home buyers into making the move. With zero downpayment and closing costs covered, lenders are able to roll all these large sums of money (money individuals need to save toward for a long time) into a mortgage. So, like you get a credit check when you apply for an apartment lease, so too do you get one in this process. The only difference is, you’re getting a mortgage and will start building equity and own your own property – a home, condo or mobile.

What this is doing is taking people who are living paycheque to paycheque but have enough income to rent, and turning them into home owners. So rather than spending upwards of $800/month on an apartment, that money can instead be paid toward a mortgage on a property that will gain in value annually and also allow you to accrue your own personal wealth.

This really is an amazing time in the lending and real estate industry. From Halifax, I have just pushed through approved applications with mortgage partners for three first time home buyers – all of whom have been approved and are now shopping with me for their first homes. It’s a great feeling and I really hope anyone reading this who fits this category will consider making a move like this as well.

Visit my Halifax Real Estate – A modern Approach Website

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