When it comes time to buy a home, you may need to strap on your thinking cap to come up with
some creative ways to boost affordability. This can come in the form of assistance programs, special financing, leasing, and mortgage ideas.
Let's take a moment to explore a few of these options:
Look Within Your Circle:
The first order of business could be to sit down with your family to see what assistance they'd be happy to offer. You may find that a father or grandmother would be more than happy to co-sign on a loan, or even offer you a loan at low, or zero, percent interest. You could also discuss a shared-appreciation or shared-equity arrangement. This is when a family member buys a portion of the prospective home, and then are able to share in its appreciative value when it is sold.
Research Buyer Assistance Programs:
The
Department of Housing and Urban Development (HUD) has a link you can find on their website, which links to each state and their respective programs. You'll find such things as programs to help fund rural housing, as well as information on Habitat for Humanity.
The
Federal Housing Agency (FHA) offers many great options for potential buyers. Since 1934, the FHA has been helping buyers buy with low interest and little down. According to FHA, "your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan." FHA even has financing options for manufactured and mobile homes.
While many downpayment assistance programs are unavailable currently....
Read more programs...
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