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How to Buy a House If You Don’t Have a Down Payment
Net Admin • September 25, 2020
The home market is booming. If you are a first-time homebuyer or someone who has not owned a home for a three-year period, you may qualify for a no down payment program. Typically, these programs are available through your local county, state, or government.
Here are four types of no down payment programs that can help:
Forgivable loans: These are no-interest loans to help homebuyers with their down payment and usually last for a certain period of time. As long as the homeowner lives in the home, these loans do not have to be paid back.
Deferred loans: No-interest deferred loans provide a homebuyer with a down payment and only need to be paid back when the house is sold.
Low-interest loans: These loans must be repaid. However, they are paid over a period of time and are affordable for the homeowner to repay.
Grants: Grants are amounts of money given by your state or local government in the form of a gift and don’t need to be paid back.
There are parameters your local housing authorities will need before you are approved for these types of no down payment assistance programs. Educational courses, income, and home price thresholds are a few requirements and are taken into consideration when looking at down payment assistance applications.
Bottom line: There are many programs available to help get these assistance programs in motion. Talk with your loan officer who can help you find the best programs based on your needs and start the process to new homeownership. If you or anyone you know has questions about home loan rates or products, please reach out. We are always happy to help. Contact us and let us help you reach your dreams.
Source: Mortgage Market Guide
Brett is a native to Colorado, being born and raised in the Denver Metro Area. Growing up, he learned the value of financial responsibility and gravitated toward an industry that allows him to counsel and coach clients about financial goals as it relates to Real Estate. Brett joined the lending industry in 2003. Throughout his career he has helped many families achieve their goals and dreams of home ownership. From First Time Home Buyers to Real Estate Investors, Brett has the knowledge and experience to tailor loans to your unique and specific situation. Working with Brett and Prosper Mortgage Group, LLC, you can rest assured your loan is in great hands with professionals that deal with this daily. Customer service, honesty, and integrity have set him apart from his competition while keeping his focus on the Clients’ best interest, determining the best possible loan for each individual situation, & helping them achieve their goals and dreams of homeownership! Through these principals, Brett has built a very successful career basing much of his business on the referrals of past clients as well as the Real Estate Professionals that he works with. Brett relies on personal responsibility, accountability, and mental toughness in his daily life and is a huge advocate of the 75 Hard / Live Hard program as well as personal development. NMLS 253202 CO MLO 100015587 Prosper Mortgage Group, LLC NMLS 2490880 Equal Housing Lender Inside Westminster is proudly sponsored by: Prosper Mortgage Group—helping you Own Your Future. NMLS #2490880 | Equal Housing Lender I 303.668.5891 I www.prospermortgagegroup.com Westminster Chamber 303.961.5975 www.westminsterchamber.biz
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