Real Estate Yogi can help you find the right sources for down payment assistance
The Challenges of Saving for a Down Payment
Everyone wants to own a home, but for many the harsh reality is they have had a difficult time saving money for a down payment. There are several reasons home ownership seems to be just a pipe dream for many.
One of the biggest problems facing potential homeowners in the 21st century is the high cost of living. If the problem just affected luxury items, it would be easier for those people to save for the down payment; they would be able to reduce or eliminate the costs of luxury items on a temporary basis. Unfortunately, this isn’t the case. The high prices we currently face include necessities such as:
- Food
- Clothing
- Heating
- Gasoline
- Housing
Down Payment Assistance Services
Can you help me find down payment assistance near me?
For consumers who are in need of down payment assistance loan programs, there are several options available.
Grants for down payment
Grants are available from many sources and some are forgiven after the homeowner is in the home for a specific period.
Low-interest down payment loans or mortgages
The FHA is one example of a low-interest mortgage with a down payment as low as 3.5 percent.
Deferred payment loans
These types of loans help borrowers because the payments are deferred until some date in the future.
Counseling and education
Learning how to save and search for a home you can afford are great tools.
Best Seller concessions deals
Motivated sellers will sometimes provide help with either down payments or closing costs.
Down payment programs for veterans (VA loans)
VA home loans are mortgages designed for honorably discharged veterans and do not require a down payment.
Shared equity programs
This program allows multiple buyers to purchase a property together and split the equity and ownership.
First time home buyer programs
These programs are designed for those who have not purchased a home in the past (or at least the past three years) and offer down payment and closing costs assistance.
Why Choose Real Estate Yogi for Down Payment Assistance?
When you are looking for home buying assistance programs, Real Estate Yogi has the resources you need. Why should you choose us? Some of the reasons are:
Save Thousands of Dollars
We help you get a grant or secure down payment assistance. This can save you a substantial amount of cash.
Own a Home Faster
It can take a long time to save enough money for a down payment on a home. By working with us to locate down payment assistance loan programs, you can move into your dream home sooner.
Low Interest Rates
Obtaining down payment assistance doesn’t negatively affect your credit score. This means you can still qualify for the most competitive rates available based on your financial picture.
Financial Security
Home ownership provides financial security and secures your future. Renting a home or apartment does not allow you to do this.
Additional Assistance from Real Estate Yogi
Speaking with professionals in the home buying industry will help you with many questions you may have including first time home buyer grants, low income home buyers program, and down payment assistance loan programs just to name a few.
We will personalize an assistance plan for you based on your individual needs and expectations. We will determine the best way to help you based on the information you provide during your four free consultations.
Our professionals will work with you individually and guide you through every step of your home buying process. If you need a home assistant program, we will help you submit the proper paperwork to the lender who oversees the program.
We will help you enroll in down down payment assistance programs and help you secure home financing. We will also show you how to shop for the best rates available.
This process will include obtaining a prequalification letter you can take to the bank in order to ensure guaranteed approval for a mortgage. We will review your credit profile to assess how much of a loan you can afford based on your income, debt-to-income ratio, and potential interest rate.
Our website has an enormous amount of information available for you to access from any electronic device that has internet capability. You will find articles, substantial information, and outside resources you can use.
If you have questions or need help, our agents are available by phone 24/7.
Strong track record in helping consumers obtain information about down payment assistance programs are based on industry standards and government back programs. We can also help with down payment assistance in Riverside and down payment assistance grants in Missouri.
During our four free consultations, we will share the benefits of our expertise and guidance. Afterward, we will have the knowledge and education you need to become a homeowner.
Many down payment loan assistance programs are sponsored by either the FHA or HUD. We can help you find the program that fits your needs including down payment assistance programs in Missouri and a bay area house down payment.
FAQs
Are there any restrictions on the type of home I can buy with down payment assistance?
Depending on the program, you could buy up to a one to four unit condo or townhouse. The most important thing to remember is you must occupy the home. Down payment loan assistance programs or grants are not available to use on a rental property.
Can I use down payment assistance in combination with other financing options?
Yes, you can obtain down payment assistance with other financing options including those offered by a buyers advantage program.
How much assistance can I receive through a down payment assistance program?
This depends on the program you use. For instance, loans companies in Seattle may have a different cap on down payment assistance than down payment assistance in Riverside. In North Carolina, the cap is $8,000 under the first time home buyers program. The program is likely to provide a down payment invoice to the lender providing the funding for the down payment.
Can I get help with the down payment for a car loan if I have bad credit?
Just like home buying, there are programs available to help those who do not have the down payment required to buy a car. The qualifications vary among the programs, so you will need to perform due diligence to find the right program to meet your needs.
How long does the down payment need to be in the account?
Most lenders want to see two months’ worth of bank statements showing the money is there and available. This means you need to place the money in your account three months prior to applying for a mortgage.
What is the down payment on a Camaro?
The typical rule of thumb is to put 20 percent of the purchase price down on any car. This will vary among lenders, but before you shop, you should plan to put 20 percent down between cash and trade-in.
