Home Down Payment Assistance
Posted Oct 5, 2007 @ 12:07 am, Viewed by 326 Visitors, Read 336 Times.6 Creative Ways to Afford Your Down payment
If your income and savings are making it a challenge to come up with a down payment then here are 6 ways to come up with the money.
1. There are programs such as the Nehemiah program and the American Dream down payment fund from the Department of Housing and Urban Development. They are assistance programs on the local, state, and national level that can help you if you qualify.
2. You can ask the seller to provide the financing instead of going through a lender. In some cases they may consider financing all or part of the mortgage and let you repay them as you would a mortgage.
3. Ask your family, friends, or a third-party to consider a shared-appreciation, or shared equity, arrangement. This way they can buy a portion of the home and share any appreciation if the house is later sold. You will be responsible to pay the mortgage, property taxes, and maintenance costs.
If your income and savings are making it a challenge to come up with a down payment then here are 6 ways to come up with the money.
1. There are programs such as the Nehemiah program and the American Dream down payment fund from the Department of Housing and Urban Development. They are assistance programs on the local, state, and national level that can help you if you qualify.
2. You can ask the seller to provide the financing instead of going through a lender. In some cases they may consider financing all or part of the mortgage and let you repay them as you would a mortgage.
3. Ask your family, friends, or a third-party to consider a shared-appreciation, or shared equity, arrangement. This way they can buy a portion of the home and share any appreciation if the house is later sold. You will be responsible to pay the mortgage, property taxes, and maintenance costs.
4. Ask your family or friends for a loan to get the down payment that you need. It is possible that they may also act as a cosigner.
5. Ask the owner if they would consider letting you lease with the option to buy at a later time. Most sellers will put some of the rent that you pay them towards the down payment of the home when it is sold.
6. See if you can qualify for a short-term second mortgage in order to come up with the down payment.
6. See if you can qualify for a short-term second mortgage in order to come up with the down payment.
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Hello, My name is Michael McLaughlin. I'm a real estate agent for Triangle Realty Associates in Cary, North Carolina. Read More
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Here is another way!
I am working with an online bank named FNBO Direct, (you can check out their website at www.fnbodirect.com) they are putting on a YouTube contest that is encouraging people to "Pay Yourself First" You should check out the web page (www.pyfchallenge.com). Your readers could earn an extra $5,000 for their down payment, and a spa vacation. All they have to do is create a one-minute video telling FNBO Direct what they’re saving for, and why they should be selected as one of the five challengers... Upload the video to the group page (http://www.youtube.com/group/pyfchallenge) by July 31 to win. Heck FNBO Direct is giving a $10 gift card just for submitting a video and $500 to the top 20 videos. So just by submitting a video you at least get something!