AssetID: 53659767
Headline: UNCAPTIONED: 3 Unconventional Ways to Become a Homeowner
Caption: 3 Unconventional Ways to Become a Homeowner. Amid rising housing costs, 'Newsweek' has offered readers some alternative routes to homeownership. Over the past few years, the real estate market has seen prices rise to record levels. According to Scott Durkin, CEO of Douglas Elliman Real Estate, , "prices are going up, mortgage rates are going up, but inventory is down." Here's what 'Newsweek' recommends for anyone lacking the income or down payment to find a home. Renting to Own, This option gives potential buyers the ability to rent a property for a set period of time before having the chance to buy it. "It can help you get a good credit score, and it can help a mortgage company give you a loan for the rest of the cost of the home.", Scott Durkin, CEO of Douglas Elliman Real Estate, via 'Newsweek'. Seller Financing, For this option, the home's seller acts as a bank, lending the purchase money to the buyer. This can be helpful if the potential homebuyer is not eligible for a conventional mortgage. Co-ownership, Shared ownership is when two or more people purchase a property together. It usually works well for unmarried couples, siblings and close friends. "The process may seem like a lot, but ultimately homeownership is the best thing you can do for your long-term financial success.", Nicholas Athranail, real estate broker in New York City, via ‘Newsweek’. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Unconventional,Ways,Become,Homeowner,Offered,Readers,Alternative,Homeownership,Real Estate,Market,Prices,Housing Market,Payment,Home,Houses,Nicholas Athanail,Broker
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