Financial Assistance Programs for Your New Home

by John Spanos 04/26/2020

If you’re in the market for a new home, chances are you’ve been evaluating your finances. As a first-time homebuyer, there are programs in place to help with the down payment. According to the December 2019 Realtor Index Confidence Survey, first-time homebuyers accounted for 31% of all sales, and 77% put down less than 20%.

Once you’ve worked with a mortgage lender to get a competitive rate, these programs may help with getting into your dream home:

VA Loans

Are you a veteran or active duty? If so, you won’t need to look far. This program helps individuals get a home with no down payment. It’s backed by the government and has a series of requirements to meet. There are also Adapted Housing Grants, which help purchase a home adapted for a service-related disability, or if upgrades need to be done to the home to make if accessible.

USDA Loans

If you’re looking in a rural area, this loan by the Department of Agriculture may be the one for you. There is no down payment to participate, but there are income requirements. When hearing the word rural, you may think it’s totally country but there are tons of “rural” areas that are well populated.

HUD Good Neighbor Next Door

This program from the Department of Housing and Urban Development (HUD) lists eligible properties by state and is not limited to first-time homebuyers. The property must be in an area marked for revitalization and is only open to certain professions like law enforcement officers, firefighters, emergency medical technicians and teachers. If approved, you must live in the property for at least 36 months and receive up to 50% off the list price of the home.

Local First-Time Homebuyers Grants

Many municipalities offer funds from their own first-time homebuyer programs. There are certain requirements to meet, such as requiring the owner live in the home for a short period of time. In many cases, the grant is forgivable over a period of time. There are also block grants through Congressional districts, which are distributed through local programs.

A mortgage broker will be able to recommend additional programs you may qualify for based on the area you are attempting to purchase in. Homeownership doesn’t have to be complicated – it may just take a little work to get what you want and the assistance you need. Call a realtor and mortgage broker to get started on the process today.

Mortgage Assistance

Financing

Mortgage

About the Author

John Spanos

In today's market, whether you are selling or purchasing a new home. Preparation is not just the 'standard' for making correct decisions. The Preventative Formative Information, becomes absolutely 'Priceless'.

There are so many factors relating to Value, Costs, and Expense's. It becomes imperative, prospective buyers and sellers understand as many of the factors as possible. These factors relate to the market, inspection conditions, and overall operating factors.

As a broker who has conducted transactions locally to globally. From regionally to nationally. Facilitating all transaction with correct research and experience. Can make the difference between making your decision the correct decision.

As an experienced agent, my work becomes a collaboration of the clients requirements, with thorough research. So each client makes the decision that become best for the buyers and sellers I represent.