Down payment assistance can help prospective home owners overcome the biggest obstacle they face when purchasing their first home. For many millennials, saving for the down payment on a home is a duanting, and for some, near impossible goal. If only there was a way to get some help that didn’t involve the First National Bank of Dad.
A recent survey of millennials who are currently renting states that 62% lack the necessary down payment. Additionally, 48% have no down payment savings, and just 11% have managed to save $10,000 or more.
Sources of Down Payment Assistance
Perform a national search for “down payment Assistance”. You’ll be surprised how many programs exist. In fact, there are over 2,000 programs which offer loans or grants for down payments.
State programs also exist. And many counties, including Monmouth County, offer grants to qualified first time buyers.
Certain professions, such as teachers, police, fire and other first responders are eligible for grants in certain towns, but you’ll need to live and work in the same town.
Some mortgage companies and banks also, at times, offer grants. And if you’re a veteran, you may qualify for a zero down VA mortgage.
Ask Your Realtor
An experienced Realtor can advise you of sources of grants and loans if you’re first time buyer. When you’re ready to forge ahead, give us a call, Bunny and Art Reiman – Realtors.
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