AFFORDABLE
WAYS TO AFFORD YOUR NEW HOME!
INVESTIGATE
LOCAL, STATE, AND NATIONAL DOWN PAYMENT ASSISTANCE PROGRAMS. THESE PROGRAMS
GIVE QUALIFIED APPLICANTS LOANS OR GRANTS TO COVER ALL OR PART OF YOUR REQUIRED
DOWN PAYMENT. NATIONAL PROGRAMS INCLUDE THE NEHEMIAH PROGRAM,
WWW.GETDOWNPAYMENT.COM, AND THE AMERICAN DREAM DOWN PAYMENT FUND FROM THE
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, WWW.HUD.GOV
EXPLORE
SELLER FINANCING. IN SOME CASES, SELLERS MAY BE WILLING TO FINANCE ALL OR PART
OF THE PURCHASE PRICE OF THE HOME AND LET YOU REPAY THEM GRADUALLY, JUST AS YOU
WOULD DO WITH A MORTGAGE.
CONSIDER A
SHARED-APPRECIATION OR SHARED-EQUITY ARRANGEMENT. UNDER THIS ARRANGEMENT, YOUR
FAMILY, FRIENDS, OR EVEN A THIRD-PARTY MAY BUY A PORTION OF THE HOME AND SHARE
IN ANY APPRECIATION WHEN THE HOME IS SOLD. THE OWNER/OCCUPANT USUALLY PAYS THE
MORTGAGE, PROPERTY TAXES, AND MAINTENANCE COSTS, BUT ALL THE INVESTORS' NAMES
ARE USUALLY ON THE MORTGAGE. COMPANIES ARE AVAILABLE THAT CAN HELP YOU FIND
SUCH AN INVESTOR, IF YOUR FAMILY CAN’T PARTICIPATE.
ASK YOUR
FAMILY FOR HELP. PERHAPS A FAMILY MEMBER WILL LOAN YOU MONEY FOR THE DOWN
PAYMENT OR ACT AS A CO-SIGNER FOR THE MORTGAGE. LENDERS OFTEN LIKE TO HAVE A
CO-SIGNER IF YOU HAVE LITTLE CREDIT HISTORY.
LEASE WITH
THE OPTION TO BUY. RENTING THE HOME FOR A YEAR OR MORE WILL GIVE YOU THE CHANCE
TO SAVE MORE TOWARD YOUR DOWN PAYMENT. AND IN MANY CASES, OWNERS WILL APPLY
SOME OF THE RENTAL AMOUNT TOWARD THE PURCHASE PRICE. YOU USUALLY HAVE TO PAY A
SMALL, NONREFUNDABLE OPTION FEE TO THE OWNER.
CONSIDER A
SHORT-TERM SECOND MORTGAGE. IF YOU CAN QUALIFY FOR A SHORT-TERM SECOND
MORTGAGE, THIS WOULD GIVE YOU MONEY TO MAKE A LARGER DOWN PAYMENT. THIS MAY BE
POSSIBLE IF YOU’RE IN GOOD FINANCIAL STANDING, WITH A STRONG INCOME AND LITTLE
OTHER DEBT.
TALK TO
TERRY NABER AT RE/MAX PROPERTIES INC ABOUT BUYING YOUR NEW HOME. VISIT US AT
WWW.TERRYSELLSCOLORADOSPRINGS.COM/PROPERTY-SEARCH TO VIEWS HOMES BY AREA.
FEATURED
PROPERTY -
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