Can I help you get on the wealth building journey?

A great way to build wealth and prosperity is entrepreneurship, but it is not for everybody. Also, it is not guaranteed to build wealth as the majority of businesses fail within 10 years. However, everyone who wants to become a homeowner can become one and it is pretty much guaranteed to build wealth if you hold for long enough. Homeownership is the number one way to build wealth in the united states of america. Why don't you get on the path to homeownership today? There may be several reasons holding you back including credit challenges, lack of funding, inadequate job history and even affordability. All of this can be overcome with time and effort. Let me tell you how.

Credit challenges are exactly what they sound like; negative things keeping your credit score down. The worst are bankruptcies, foreclosures and short sales which have a 2-4 year wait time to own a home. Most other credit challenges can be overcome in about a year. The way to do this is paying off or creating payment plans for unpaid debts. It can also be done by establishing new positive credit history.

Lack of funding is a concern albeit for some people it can be overcome depending on their income. For example USDA has a 100% financing product that can even cover closing costs but has some income caps. There are also down payment assistance programs that can help people become homeowners some are income based and some are not. These programs require some hoops to jump through but if you and your team are persistent it can be done. Another cool thing is lenders are offering down payment assistance for borrowers moving from certain expensive market areas and/or earning less than certain income limits. United Wholesale Mortgage a lender I work with has $5000 and $15,000 funding programs available for down payments.

The inadequate job history is a hard one, but how about we set a plan to be ready once your job history meets the minimum requirements. How about if you are even house shopping a month before so you know the house you are going to buy? Don't get discouraged. I know in the age of Amazon we want everything now, but big achievements can take time.

The affordability challenge is a big one and if you are on the path to home ownership there are some sacrifices that you will need to make. The easiest solution is to look in markets you want to live in and can afford. This can be in suburds or rural areas outside of your target market. It can also be in another city or state. This may be hard pill to swallow but achieving homeownership may be worth the sacrifice even for a few years. Other solutions are saving a larger down payment that will allow for lower monthly payments. A concern with this one is if prices rise then the bigger down payment may provide no benefit. Other affordability opportunities are building your own home or having it built, buying a smaller home and even doing your own marketing. The marketing can be to look for potential wholesale and fixer upper opportunities.

Are you ready to become a homeowner? I'm ready to help you achieve this goal. After your homeownership goals are met then we can go to the next steps which can be college planning for the kids, financial independence through investments and retirement planning. Contact me today to get on the homeownership path at info@cosocapitalgroup.com

Denny Troncoso is a past financial advisor, real estate investor and licensed loan originator NMLS 388985. He holds a masters degree in real estate from the University of Central Florida and has over 20 years of real estate experience. For fun he loves reading and playing with his wife Dessiree and son Lorenzo.