Navigating a home sale can be tough, especially when you do not have a whole lot of money at disposal. But when buying your first home, there are actually a lot of assistant programs that can help you get in the house. So what kind of financial assistant programs are there for buying your first home? Let’s take a look.
Down Payment Grants Based on Income
Many states, county, and city governments offer pools of money dedicated to helping make homeownership more affordable for people of all income levels. While your income may need to fall under a certain threshold, it will depend on the housing market where you are looking as to what they threshold is. For example, pricier markets like San Diego County, California’s grants are available for people earning as much as $102,200 per year because of the housing market. Don’t rule out grants until you check what is available.
Grants for College Grads and Special Groups
Many cities and states want to do all they can to attract college-educated workers and these grants are just one of the ways they are getting attention from these grads. Many places have set aside grants to help grads buy homes in their area. Some areas have put aside a grant worth two percent of the purchase price while others have put up a down payment to help college graduates settle into their new homes. But graduates aren’t the only people getting incentive programs. Teachers, members of the military, and law enforcement workers are also getting into the action with grants of their own. The Good Neighbor Next Door Program is available to help teachers, firefighters, police officers, and emergency medical technicians by reducing the list price of the home by 50 percent.
Low Down Payment Loans
There are some low down payment loans available. One of the most popular loans of this type is the Federal Housing Authority (FHA) loan, which requires as little as 3.5 percent down. There are also guaranteed loans with Freddie Mac and Fannie Mae that require a down payment as low as three percent down. But if you go this route, you may end up paying a bit more per month with a Private Mortgage Insurance (PMI). This insurance is required for down payments less than 20 percent of the purchase price.
With these different financing options, you will be in your home in no time. For more information on the different financial assistance programs or finding your dream home, call Simply Referable today!
Financial Assistance with Simply Referable
Together, with your Simply Referable team, you’ll cut the right deal for the right price with qualified guidance every step of the way. Every team member is committed to selling your home and forming a lasting bond with your family. Thanks to our roots in the Maryland/DC region, we can help you find your dream home. Contact us online and give us a call at 410-983-9045. To see some of the stunning homes we work with, follow Simply Referable on Facebook, Twitter, Google+, Pinterest, YouTube, and LinkedIn.