How first-time home buyers are saving big

Wednesday, June 17, 2020

NEW YORK - Are you one of the millions of Americans who dream of owning their own home? Believe it or not, now could be the perfect time to buy. And the Federal Home Loan Bank of New York's Homebuyer Dream Program, offered by Ridgewood Savings Bank, may be able to help by providing you with a grant of up to $14,500 if you are eligible.

You can find out more about the program below, but first, here are five reasons to consider buying your first home now:

1. There's No Place Like Home

In times like these, it's more important than ever that you feel safe and comfortable in your home. You may be spending a lot more time there lately - and, let's face it, a lot more time noticing things that need to get done.

As a homeowner, you have far more control over your property, and you can customize it to fit your tastes and needs, from a new splash of paint to updated appliances, new fixtures, and potentially larger renovations. And that's important, because loving your home and taking pride in it makes spending time in your home a lot more enjoyable.

2. You Can Turn Housing Costs into an Investment

At first glance, there may appear to be more costs associated with buying a home than renting one. But the costs of renting go beyond your monthly rent check.

When you pay your rent, that money helps your landlord pay their mortgage, but it won't contribute to your long-term savings. When you buy a home, your down payment and monthly mortgage payments build equity in your home, which helps you build wealth. Down the road, you could enjoy more financial security by living in a home you've already paid off or through the funds from selling your place.

3. The Market Is Less Competitive

Right now, finding and buying your first home may be easier and less expensive than you'd think. One reason is that fewer people may be house hunting than usual, which would mean less pressure on you to outbid other buyers..

4. Mortgage Rates Are Very Low

Mortgage interest rates are also at historic lows, making it a great time for many homebuyers to apply for a mortgage. Buying a home when rates are low can save you thousands of dollars over the life of your mortgage.

5. Financial Assistance May Be Available

If you have limited savings or past credit issues, we know that the dream of homeownership may feel out of your reach. But there are programs designed to help many renters reach their goal of becoming homeowners more quickly.

For example, if you're a first-time homebuyer and a New York State resident planning to buy a home in the five boroughs of New York City or the counties of Nassau, Putnam, Rockland, Suffolk or Westchester, you may be eligible for the Federal Home Loan Bank of New York's Homebuyer Dream Program, offered by Ridgewood Savings Bank.

The Homebuyer Dream Program provides eligible first-time homebuyers with up to $14,500 to put toward a down payment or closing costs.

Make Your Homebuying Dreams Come True Sooner

Wondering if the Homebuyer Dream Program could help you become a homeowner sooner? Learn more online and contact one of our helpful local lenders today.

Eligible borrowers can receive up to $14,500. Products and services subject to change.

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