The 3 Reasons Why People Continue to Rent

Carolinas Real Estate Podcast with Thomas Elrod

There are three main reasons why people choose to rent a home and make their landlord rich rather than buying a home.

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Today I wanted to show you some of the reasons why people choose to continue renting and making their landlord rich instead of buying a home. There are three main reasons:

1. You don’t have any money for a down payment. Fortunately, there are programs out there that provide 100% financing, like USDA financing or VA loans. You can also choose a 3% down conventional mortgage or the North Carolina bond program. We can even get you seller-paid closing costs, where the home seller pays a lot of your closing costs.
2. You have bad credit or no credit. Banks realize that bad things happen to good people. Right now, there is a lot of money on the sidelines and banks are waiting to lend it to you. We have lenders on staff who can closely examine your credit report to find out what your best option for financing is.
3. You're stuck in a lease. Leases are there to protect the tenant (lessee) not the landlord. If you send us a copy of your lease, I'm sure we can find a way to either get you out of it or find a seller who will pay your security deposit to get you out of the lease.
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There are programs that allow you to finance 100% of a home purchase.

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If you have any questions about these three points or about real estate in the Carolinas, give me a call or send me an email. I'd be happy to help you.