The 2008 collapse of the housing market put mortgages out of reach for a lot of first-time home buyers. While consumer confidence is returning and things are improving, it’s still a major hurdle for a lot of families. Fortunately, some great tools now exist to give those families a hand in becoming homeowners. As a realtor it’s important to be aware of and know about these so that you can make sure your clients have a successful home-buying experience.
If you’re dealing with a first-time-buyer it’s very likely that they don’t know about all of the amazing financial aid options that are available. Here are a few important forms of assistance that you’ll definitely want to make them aware of.
Low and middle-income clients might qualify for an FHA down payment insured loan, which covers up to 97% of the cost of the home, meaning that the buyer only needs to pay a 3% down payment instead of the usual 15-20%.
Down payment assistance programs for grants are issued by local, state, and federal governments as well as some non-profits. They’re mostly targeted toward low-income first-time homebuyers, and offer a major opportunity for many hopeful buyers in today’s market.
Incentives exist to encourage teachers, firefighters, police officers, and paramedics to move into low-income areas. If your client is one of these they might qualify for financial assistance from the government.
Members of the military and veterans are entitled to access to special VA loans that completely waive down payments.
Where Can You Find all these Grants?
We list all the grants available in your area at MortgageGrants.com! Join the site and you’ll have access to a huge variety of mortgage grant options.
For the latest information and access to down payment assistance programs in your area: