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Down Payment Resources Tool Can Help You Buy a Home

December 23, 2015

HouseFenceWhen it comes to buying a home, especially your first one, often the biggest hurdle is saving for a down payment. While there are loan programs available where you need not put any money down, this option can cost you more in the long run. Zero-down home loans typically have Mortgage Insurance included in the costs of the loan. This is insurance for the lending institution, which guarantees they will not lose out on the investment should a buyer foreclose during the life of the loan. This is a cost the home buyer has to pay, with no direct benefit for themselves. Homes bought without a down payment also equate in owing more over the life of the loan, and can make for larger monthly payments overall. If you are a first time buyer there is a lot of help available. The California Association of Realtors® has a wonderful tool that you can use to find out just what you may qualify for.

CalculatorOne thing to keep in mind when seeking assistance is that many programs, while they help you get into your home, are in the form of a deferred loan. For these programs, it is standard to have the payments deferred until the mortgage is paid off. This keeps your initial mortgage payment reasonable, but it will mean money owed in the future. There are also assistance grants available where you are not required to pay back the funds you receive toward buying your home.

First-time homebuyers are not the only ones to benefit from the varied programs out there. The CAR tool works with programs such as Mortgage Tax Credits, special loans for teachers, law enforcement, fire fighters and veterans., and local community grants for example. If you currently own a home, and are looking to move or refinance, you too may qualify for some assistance. The Down Payment Resource Tool reviews all of these options for you.

LivingRoomTo use the search tool, you need only provide some basic information beginning with where you are looking to buy a home. From there you answer some questions about your household, and in a few clicks you can see a variety of assistance programs available for you to apply. The tool searches at the state, county, and local community levels for current programs designed to help get people into their own home. This is one valuable tool that can save you a lot of time. You may be surprised at just how much help you can get towards purchasing a home. When you are ready to sell or buy a home, me and my team are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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