Breaking The Bank For A Down Payment

Want to buy a home, but anxious about a down payment??….You might be in better shape than you think. There are so many buyer incentives to move the houseing market. Knowing where to look for these opportunities and what to ask is the key. Having a Realtor guide you to your answers can make all the difference. Here’s a quick read about your options…then call me at 732-995-5609 / NJHomesbyRoslyn.com to help you find your way.

Consider these thoughts:

1. Most people put less than 20% down; according to NAR, in 2016 first time home buyers averaged 6% down, while others averaged 14%.
2. There are a number of special programs which you may qualify for with as little as 3% down.
3. Grants are available which you do not have to repay as long as you live in the house of a certain amount of time.
4. Some state and local governments offer second mortgages for down payment with low or zero interest rates.
5. There are special programs which first time homebuyers can qualify for, which require specific criteria.

Help is always available, here are some resources:

1. downpaymentresource.com/are-you-eligible
2. www.hud.gov/states
3. myhome.freddiemac.com