As a first time home buyer there is plenty to consider. Being a first time home buyer in Long Island is pretty difficult as well. Costs are rising but wages aren't. This has forced first-time home buyers in Long Island to devise ways to help beat high cost homes.
"Buyers are discovering loans and grants that can add tens of thousands of dollars to their budgets," according to National Mortgage News.
"Others are reducing the burden of student loans through refinancing or repayment plans, or saving for down payments by foregoing a lavish wedding and honeymoon."
First-time buyers are looking at practicality and in order to achieve the goal of owning a home they are making some pretty big sacrifices. There does seem to be some hope as new efforts could help reduce the need for sacrifice.
"Lenders, not-for-profit groups and elected officials are trying to help first-time buyers overcome those challenges," according to National Mortgage News.
"It's part of an overall effort to make it possible for millennials and other Long Islanders to stay in the region despite its high cost of living."
Long Island does not want to lose residents and according to the report, they are working on a measure to allow first-time home buyers to open savings accounts that would render them eligible state income tax deduction.
It's a forward way of thinking that could mean an increase in first-time buyers. Further more, it would also mean an increase in loan originations and closings. To learn more about the innovative ways first-time home buyers are taking on high costs, click on the image above.