05/01/2024
They're not tips or tricks, just simple ways to make homeownership more affordable.
No-down-payment mortgage
Two loan options that can get you to 0% down are VA and USDA programs. Just know there are certain qualifications you’ll have to meet since these mortgages can’t be used by everyone.
Low-down-payment mortgage
An FHA loan requires just 3.5% down, making it a very low threshold for homebuyers. If you don’t want to pay a lot upfront, an FHA mortgage might be right for you.
Down payment assistance
If you want to get some help with your down payment, there are plenty of state programs available. Other options are monetary gifts from family members or grant programs.
Seller concessions
Have your real estate agent work up a potential deal where the seller pays your closing costs. Just ask me about the maximum amount of seller contributions.
Buy a fixer-upper
Remember about the rehab loan (FHA 203k) that covers financing but also the costs of repairs? This could be an option if you’re looking for a more affordable house.
Buy a foreclosure or short sale
This option isn’t for everyone, and you should go forward with these types of properties cautiously. Always get a home inspection! There are some houses out there where you could get a good deal, but you have to know what to look for.
Improve your finances
Increasing your credit score, reducing any existing money owed, and boosting your savings will make homebuying more affordable.
Reach out today for a free mortgage consultation.
https://myloan.thrivemortgage.com/dr/c/lyb90
NMLS #: 2283470
Dylan Bunch
937-901-4846
[email protected]