Interested in buying a home but coming up short on the down payment? It might be a lot easier than you think!
This is an incredibly attractive time for buying with low home prices and interest rates putting homeownership within easier reach of millions of Americans than ever before. Unfortunately many are finding that despite their desire and ability to afford the monthly payments coming up with a down payment is holding them back.
However, many would be home buyers are simply unaware of the options which are available to them. Despite the tightening up of some mortgage lending standards USDA and VA loans still offer up to 100% financing. FHA home loans also offer home buyers low rate financing with just 3.5% down.
If this still means too much money to come up with those interested in buying a home can also take advantage of a variety of down payment assistance (DPA) programs available across the country. Many states, counties and cities run their own DPA programs to aid less affluent individuals and families in achieving homeownership.
Texas runs a number of programs for veterans, southwest Florida residents will find Lee County provides up to $10,000 towards down payment and closing costs while those buying a home in San Diego have an incredible variety of down payment assistance to choose from. This includes some which offer San Diego home buyers as much as 33% of the purchase price or $75,000 to help with buying a home. Even better this money is normally interest free and often does not need to be repaid providing buyers stay in the home for a specified period of time. Some may even qualify for additional funds to make home improvements.
This is essentially free money and is truly too good to pass up on, giving buyers the chance to walk into a new home with equity and often paying less to own than they are now in rent.
