How Much Do You Need for a Down Payment?
Do you need money to help you get into a home in the Boston MetroWest area? One of the hardest things about getting into a home is saving for the down payment and closing costs. But did you know that it is a MYTH that you need 20% down in order to buy a home?
Yes, it’s true! There are down payment assistance programs that will help you so that you can begin to build wealth by owning your own home. There is a national program called the National Homebuyers Fund, or NHF, that will give you a 4% grant to help with closing costs and down payment. It is a non-repayable grant up to 4% of the mortgage loan amount. It can be granted for people with low to moderate income levels and FICO scores down to 620.
This program is NOT limited to first time home buyers, but it must be for your primary home. If you’re thinking about that vacation home down in Florida, this wouldn’t be a good fit.
Even better news, gift funds and seller concessions are allowed! Owning a home helps to give you stability, improves the community, gives you tax benefits and provides long-term wealth when home prices go up. In fact, research shows that it's actually MORE expensive to rent a home than it is to OWN one.
The bottom line: it’s time to become a homeowner!! You can make today a great home buying! Reach out to me by phone or text at 978-505-1466 for more information on this and all your real estate needs!
If you’d like to learn more real estate tips and prefer video, head over to my YouTube channel!