Starting Out With a Starter Home: Some Considerations for You to Look Into

What is a starter home? How can you finance this type of property? What goes into your decision when buying one? All these questions concerning starter homes deserve an article.

In all fairness, buying a starter home is like buying any other home. You look for it and at the same find a suitable mortgage, make an offer, and work toward closing the transaction. There are considerations involved in buying starter homes, just like in any homebuying decision.

Starter Homes Defined

The Wikipedia community defines starter homes as houses that a family or an individual buys first before transitioning into a long-term home (often referred to as forever home). The definition can also refer to the property’s size and location.

Since there is no uniform classification of starter homes, think of them as a condo unit, a smaller home (sometimes it can be bigger), an older home, or any home that is priced at the entry-level.

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.