Down Payment Assistance
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Lots of borrowers can qualify for a loan, but they can't afford a large down payment. Below is a straightforward method that will help you put together your down payment.
Research housing finance agencies. Special mortgage loan programs are extended to buyers in specific circumstances, such as low income buyers or future homeowners planning to remodel homes in a targeted neighborhood, among others. Working with a housing finance agency, you probably will receive an interest rate that is below market, down payment help and other benefits. These kinds of agencies can help you with a reduced rate of interest, help with your down payment, and provide other advantages. These non-profit agencies exist to promote the value of homes in certain neighborhoods.
Learn about low-down and no-down mortgages.
- Federal Housing Administration (FHA) loans
The Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD), plays an important part in aiding low and moderate-income individuals qualify for mortgage loans. Part of the U.S. Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) aids homebuyers who need to get home financing. FHA offers mortgage insurance to the private lenders, ensuring the buyers are eligible for financing. Down payment sums for FHA loans are lower than those for conventional mortgages, even though these mortgages come with current interest rates. The required down payment may go as low as 3 percent while the closing costs can be covered by the mortgage loan.
- VA mortgages
VA loans are backed by the Department of Veterans Affairs. Service persons and veterans can get a VA loan, which usually offers a competitive fixed interest rate, no down payment, and limited closing costs. Even though the VA doesn't issue the loans, it does issue a certificate of eligibility to apply for a VA loan.
No matter how you gather your down payment funds, the thrill of owning your own home will be just as great!
Have questions about Down Payment Assistance? Give Joe Wagner a call at 612-327-4544. Joe is the Down Payment Assistance expert, so he is happy to help! We know you're busy, so feel free to complete the form below to be contacted by Joe Wagner.