Down-payment assistance for first-time home buyers…
It is not uncommon for me to hear first-time home buyers explain that their biggest obstacle in purchasing a home is the lack of down payment money. Many, despite great credit and good jobs, find it difficult to pay today’s high rent rates and save for a down payment simultaneously. This scenario frustrates first-time home buyers because they know they work hard and jobs that support the monthly costs to own, but the cost to rent keeps them from being able to save.
Buyers in this situation might want to explore their options a little further because they may qualify for one of several down-payment assistance programs available to first-time buyers. Bernice Ross of Inman News recently interviewed Rob Chrane of Down Payment Resource about an exciting new tool his company has created to assist buyers in obtaining down-payment assistance.
According to Chrane, many Buyers are not aware of FHA and other programs available to those who have low down payments. I agree with Chrane, oftentimes the Buyers that I meet with are under the belief that it takes at least 10 percent down to get a loan to purchase a property these days.
There are many resources out there for Buyers, including Down Payment Resource, which connects potential borrowers with available funding for down-payment assistance, fixed-rate mortgages, rehab loans, and more.
If you have been thinking of purchasing a home and have questions regarding the process, please feel free to contact me as I am a great resource. I welcome your questions and the opprtunity to help get you started in the right direction. Buying your first home is exciting and having a solid plan in place can make the road to home ownership a smooth one!
As always, please feel free to contact Mackenzie with your individual/specific questions regarding your South Lake Tahoe home!