Downpayment programs to help you buy your dream home
The housing market is boiling at the start of 2015 in many states and local counties across the nation. The economic improvements such as continued employment growth, income growth and relatively low interest rates are vital signs to this healthy real estate market. Consumer confidence overall continues its upward trend following a strong 2014.
The housing sector has seen huge growth in the last five years due to great support from banks and governments. There are over 2,300 financial programs that are offering assistance to homeowners including home financing options to down payment assistance. Many homeowners, especially first-timers, have not fully researched financing options to assistance programs. With little effort and time, potential buyers or real estate agents can find an advantage and get into a better position to purchase a home.
Down Payment Resource is a company with a mission to connect people with hard-to-find financial resources. They research local and state programs across the nation with 60 to 80 percent of homes potentially qualifying. On Down Payment Resource’s website, you can visit their ARE YOU ELIGIBLE webpage to check if your potential next home is eligible for existing local and state programs. The states with the largest volume of down payment programs are California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, New York, Pennsylvania and Texas.
When buying a home, you will likely be applying for a mortgage loan. To qualify for particular lending programs, you are required to maintain documented cash reserves of up to six to twelve months. If you can qualify for multiple down payment programs, you may layer them to be used with your mortgage loans and reduce the amount of cash you need to bring to the purchase. To get qualified for mortgage and lending programs, contact your local banking institution or contact a certified mortgage broker. You can also reach mortgage programs via Bankrate.
For helpful information on the home buying process for first-time buyers to veterans, the U.S. Department of Housing and Urban Development has outlined the important key steps here. Be sure to find an experienced professional Real Estate agent to assist you. You can find an agent or look up your current agent on Real Estate websites such as Zillow or National Association of REALTORS.
Happy House hunting!
Down Payment Resource (www.downpaymentresource.com)
U.S. Department of Housing and Urban Development (www.HUD.gov)