A down payment is a big part of financing your home purchase.  If you’ve not allowed yourself to consider buying a home because you don’t have 20% to put down, do you give up on your dream of home-ownership?

It’s harder and harder to get easily approved credit, but potential homebuyers can still get mortgages with little to no money down. There are programs out there.  You just have to know where to look.  It will take some time, effort and research, but it’s worth the effort.

The National Association of Realtors reported that the “most difficult step in the home buying process was saving for a down payment,” as cited in their 2015 Profile of Home Buyers and Sellers*.

Once you’ve done your research you will discover that there are a variety of programs available to assist.  Just a few are; down payment assistance grants, interest-free second mortgages and other special mortgage programs for people who want to buy a home, but lack the necessary down payment.

Depending on the program, assistance may be limited to a few groups, first-time home buyers and/or low- and moderate-income home buyers, however,  many of the programs don’t require you to be a first time home buyer anymore AND the income limitations have gone way up.  Here are just a few programs to take a look at.

Keep in mind that homebuyer education counseling may be required, to participate, and even if it not required, it is always recommended.

Research found that 87% of U.S. homes are eligible for some type of home-ownership program, however, most borrowers have no idea that this money exists. The typical down payment program benefit is around $10,000.  Unfortunately, much of the money that is available from state and local housing agencies, does not get used.

With a little knowledge and help from your lender, many potential homeowners are realizing that home-ownership is now within reach.

*National Association of REALTORS®, Profile of Home Buyers and Sellers 2015, November 2015.

The Certo Team
55 N. Arizona Place
Suite #103
Chandler, AZ 85225
602-429-6789