In many cases a monthly mortgage payment would be comparable to what you are paying in rent only you would be working toward owning something and you would be getting value for your money. The only problem is the down payment. It used to be easy to find a lender who would finance a 0% down mortgage, but in today’s economy most companies want a 20% down payment. If you are strapped for cash or struggle to accumulate a significant amount of savings then you may think a house is just something you can’t do. However, finding help with down payment to buy a house isn’t impossible!
Taking a look on Amazon will yield a ton of books to help you with a down payment for discounted prices!
Help With Down Payment to Buy a House - Down Payment Assistance Program
There are a lot of different programs out there known as down payment assistance programs. Many states, counties, and or cities have some sort of program. These programs are set up to help you low to moderate income families. Often times knowing that the help is there somewhere doesn’t really help though. To find out more about these programs you should contact a real estate agent, your lending agent, or local colleges and university.
To qualify for these types of programs you will need to meet income requirements. You will need to make sure that you can qualify for a mortgage if you have a down payment. This usually requires that you have a good job history, that you make enough money to meet your bills including a monthly mortgage payment, that you have an acceptable credit score, and that you pay your bills on time each month. The idea is that you will have to qualify for a mortgage when you get help with down payment to buy a house.
Most programs will require a single person to make $24,000 or less, a family
Help With Down Payment to Buy a House - FHA
An FHA loan on its own won’t give you a down payment. However, if you qualify for an F
Additionally FHA works with a lot of non-profit organizations that can help with down payment to buy a house. By working with your real estate agent to get an FHA loan you may also qualify for a number of down payment assistance programs in order to get money for the reduced down payment. Most of these programs are available for first time home buyers or those who haven’t owned a home in the last 3 years. Some of the programs include Quickdown, The Responsible Home Ownership Program, and the Housing Action Resource Trust (HART) Program.
Help With Down Payment to Buy a House - Taking a Loan
There are some assistance programs that will lend you the money for a down payment at a low interest. This will require that you make enough money that you can afford to pay your mortgage and your loan at the same time and usually on a monthly basis. These programs are often used when grants and assistance programs aren’t available. You should also talk with your real estate agent and lender to find out more information on loans in your area that are available to use as help with down payment to buy a house.
Unfortunately assistance with your down payment is based on where you live. You can’t find a neat list on the Internet and apply for help there. Instead it is done locally and help is usually applied for after you have found a house and are working toward financing it. None the less, help with down payment to buy a house is available for low to moderate income families. If you can qualify for a mortgage (minus the down payment) and you just need some money to put down on the house then there is help for you!