BLOG
Tips That Can Help You Meet a Down Payment
Our team at Handler Homes is motivated by the joy families get from receiving the keys to their home. We want everyone to be able to have the security and comfort of having their own home. A big hurdle for some, especially first-time homebuyers, is meeting the down payment requirement. That’s why we want to share some tips for how you can come up with a down payment so that you are not robbed of the joys of homeownership.
Seek Out Down Payment Assistance Loans
Ask around to different lenders and see if you can qualify for low to no down payment options. FHA and USDA loans are particularly helpful for first time homebuyers. But even with conventional loans, a common misconception is that you must have a 20% down payment. This is not the case! Depending on your circumstances and your lender, you may be able to put down 3, 5 or 10% down.
Ask the Seller for Assistance
There are several reasons why a seller may be open to negotiations. Perhaps they inherited a property and just want to offload it quickly, or it could be that they have had trouble selling the listing because of the location. Whatever the case, many buyers are surprised to find that sellers are more open to negotiations than they thought. Ask your agent to ask the seller if they are willing to assist with closing costs or cut back on their asking price in lieu of making immediate repairs.
Set Up a Crowdfund
Crowdfunding has become increasingly more popular in our day. Beyond Kickstarter, there are crowdfunding platforms that are specifically meant to aid you in coming up with a down payment. Feather the Nest and Hatch My House are great resources for this. And you might be surprised at how willing to help your loved ones are when it comes to getting your foot in the door to your first home.
With all that said, if you are struggling to come up with a down payment, don’t despair. Put these tips to use and you will surely meet your goals. And when you are ready to take the next step and look at houses, why not start with Handler Homes?
By Handler Homes 4-19-2022
Recent:
Archive
Sep 2024
Aug 2024
Jul 2024
Jun 2024
May 2024
Apr 2024
Mar 2024
Feb 2024
Jan 2024
Dec 2023
Nov 2023
Oct 2023
Sep 2023
Aug 2023
Jul 2023
Jun 2023
May 2023
Apr 2023
Mar 2023
Feb 2023
Jan 2023
Dec 2022
Nov 2022
Oct 2022
Sep 2022
Aug 2022
Jul 2022
Jun 2022
May 2022
Apr 2022
Mar 2022
Feb 2022
Jan 2022
Dec 2021
Nov 2021
Oct 2021
Sep 2021
Aug 2021
Jul 2021
Jun 2021
May 2021
Apr 2021
Mar 2021
Feb 2021
Jan 2021
Dec 2020
Nov 2020
Oct 2020
Sep 2020
Aug 2020
Jul 2020
Jun 2020
May 2020
Apr 2020
Mar 2020
Feb 2020
Jan 2020
Dec 2019
Nov 2019
Oct 2019
Aug 2019
Jun 2019
May 2019
Mar 2019
Feb 2019
Jan 2019
Dec 2018
Nov 2018
Aug 2018
Jun 2018
May 2018
Mar 2018
Jan 2018
Dec 2017
Nov 2017
Oct 2017
Aug 2017
Jun 2017
May 2017
Dec 2016