Are you part of the workforce with a household income that pays the bills but leaves little to save? Always wanted to own a home?
We can help you find a reduced down payment program with an FHA loan, or show you other housing grant options that can make it possible for your home-owning dreams to become a reality!
What’s an FHA Down Payment?
Normal mortgage loans usually require you to submit a down payment of at least 20% of the value of the home’s sale price. While you can go below that if you also buy special mortgage insurance for the bank, you’re generally left with a big lump sum that you need to come up with before you can even think about buying a home.
Even in relatively low-cost areas this requires most home buyers to come up with tens of thousands of dollars, which is understandably a burden. On top of that, many first-time home buyers also have college-debts and suffer from underemployment in uncertain job markets.
In order to help, the government’s FHA program issues home loans that require a down payment that’s only equal to 3.5% of the home’s sale price and requires none of it to be your own funds. It may all be a gift or Mortgage Grant. This drastically lowers the barrier to getting that all-important mortgage loan, so that you don’t have to spend years saving money before putting an offer on a house.
That’s where we come in. Our service is designed to provide you with all the information that you need to get started.