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