If you are planning to buy your first home, one of the most daunting aspects can be acquiring a down payment. A typical mortgage loan requires a 20% down payment on the value of your loan. For many this is not only a challenge, but it may seem impossible. There are valuable resources available however, which can help you achieve your down payment goals.
As part of their Mistake Proof Guide to Home Buying, House Logic has put together a great list of down payment sourcing options, including some rather innovative ideas. It used to be common place for young home buyers to ask Mom and Dad for help with their down payment. In today’s world, this is not so readily an option.
But you can still ask for help from friends and families, and possibly get more than you could imagine. Crowdsourcing websites have helped people reach their goals for businesses, artistic endeavors, and even necessary medical procedures. Now there are crowdsourcing sites designed specifically for people who want to buy their first home.
There are also government programs available for down payment assistance. At the state level, there is the Georgia Dream Program, which can provide not only down payment assistance, but mortgage loan options as well. The Homestretch Down Payment Assistance Program in Gwinnett County
offers up to a $7,500 deferred loan to eligible home buyers.
While many programs are geared toward lower income levels, there is a grant program designed to help middle income earners achieve their home ownership dreams. The National Home Buyers Fund® is a non-profit organization which provides grants of up to 5% of a mortgage loan. One thing to also keep in mind, if you owned a house previously, but had to sell and return to renting, many programs will consider you as a first-time home buyer 5 years after the sale of your property, great news if you are ready to get back into the real estate market.
There are valuable resources available for home buyers. One such valuable resource is Jamie Parker. His expert advice helps home buyers and sellers, navigate down the complicated road of real estate. Whether you are planning to buy or sell your property around Gwinnett County, my goal is to perform for you. I am passionate about where I live, and what I do, especially when it comes to helping my clients. I genuinely care about you and your needs, whatever your situation and goals. It’s all about you! Call me at 404-483-7816, or email me at firstname.lastname@example.org. Let the Rockin’ Agent take away your Real Estate Blues.