Down Payment Assistance Grows Home-ownership
Studies have shown (cbc Mortgage financial group) that 9 out of 10 home buyers would not have been able to purchase a home with out down payment assistance.
We have been very successful negotiating seller concessions, where the lender allows the seller to pay some of the buyers closing costs, this is easily $5000.00 that the buyer would need above and beyond the 3 percent down that the bank requires to purchase a home.
If your paying with cash, or you have 25 percent to put down this is not a concern. But if this study is correct most home sales depend on the seller contributing to the buyers closing costs, out of his proceeds.
Seller should budget for at least 3% of the purchase price and some repairs if they are looking to sell right away. Finding that 1% buyer paying cash, may cost you some great buyers, they will just need a little help with concessions.
- Military VA loans potentially zero down payment.
- FHA 3% down
- 5%+ conventional loans
- Hard Money loan
- Down payment gift from family
Even if you plan on buying a home in 6 months or more it is worth it to give us a call, so we can point you in a the right direction and plan accordingly.