For many people, coming up with a down payment is the hardest part of buying a home.
It’s not surprising either. Even on a low-down loan program, buyers need at least a 3% down payment. At today’s median home price of $379,000, that comes out to more than $11,000 — hardly pocket change for most Americans.
Fortunately, though, you don’t have to come up with that down payment all on your own. There are actually quite a few programs that can either offset or cover your down payment entirely. Some may help with closing costs too.
Are you having trouble saving up enough for a down payment? Here’s where to find down payment assistance that can help:
Your state housing agency
Most state housing agencies have a number of homebuyer assistance programs, including ones for down payment, closing cost, and even mortgage assistance. You can use the Department of Housing and Urban Development’s guide to find the appropriate agency for your state.
Your county
Counties will often offer assistance as well — especially larger ones. In Houston, for example, Harris County has a down payment assistance program that offers nearly $24,000 in down payment, closing cost, and other assistance. To see what’s available in your area, simply go to your county’s website or contact the county housing department.
Through a housing counselor
HUD offers free housing counseling for anyone who needs it. These professional advisors can help you traverse the confusing homebuying process and even point you toward down payment assistance programs and mortgage loans that can help you buy a home. Use this tool to find a counselor in your area.
Your loan officer
Once you start working with a lender, your loan officer should be your go-to resource for everything along the way. You can ask them questions, get their advice, and, since they’re located in your exact market, they’re also a great resource for local homebuying and assistance programs. They should have intimate knowledge of what options are available in your area, as well as who’s eligible, how to qualify, and what you need to do to apply.
Get the help you need
Down payment assistance programs can be extremely helpful, and in many cases, they don’t ever need to be repaid. If you’re considering using a down payment assistance program to help you buy a home, get in touch with a Premier Nationwide Lending office in your area today. We’ll help you find the right program for your goals and needs.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 6201 West Plano Parkway, Suite 100, Plano, TX 75093 | NTFN NMLS 75333.
