Don’t let the down payment keep you down and out of a home. Speak with more than one lender about the options that may apply to your needs. There are more solutions than you might imagine. And one lender may have a solution that another didn’t.
Also, ask about programs offered by the U.S. Department of Housing and Urban Development (HUD). These programs assist with down payment and closing costs for those who meet certain income or location requirements.
HUD offers help based on your profession. If you’re a police officer, firefighter, teacher, or EMT, you may be eligible under its Good Neighbor Next Door Sales Program for a 50% discount on a home’s HUD-appraised value in “revitalization areas.” These areas are designated by Congress for homeownership opportunities. And if you qualify for an FHA-insured mortgage under this program, the down payment is only $100. You can even finance the closing costs.
For veterans*, the VA will guarantee part of a home loan through commercial lenders. Often, there’s no down payment or private mortgage insurance required, and the program helps borrowers secure a competitive interest rate.
Veterans, please ask me about my Military Appreciation program that offers cash back at closing for both my buyers and sellers. Thank you for your service!
Susan Matthews is a Realtor serving the greater Charleston area with Coldwell Banker Carolinas. Contact her for more info on selling your home.