It is not a secret that to purchase a home using financing, you need some money for down payment (and closing costs among other costs associated with a home purchase). The good news is that it does not have to be 20% down. On a $200,000 purchase, you may have to put down a minimum of $7,000 (3.5% FHA loan) or even $10,000 if you are using a 5% Conventional loan.
You can even (almost) “skip” the down-payment part if you are purchasing a HUD home (government foreclosure) using an FHA loan with $100 down, a USDA loan ( a loan for homes in rural areas), and a VA loan ( a loan for veterans). There are other options as well, such as getting a loan through an organization called NACA or a credit union which offers their members a mortgage loan without down payment. There are also loans with zero down payment available specifically to doctors.
However, if none of the above is an option for you, where can your down payment come from, other than your own savings or a gift from a family member or friend?
The blog graphic that you see is an overview of several down payment assistance programs that are currently being offered for the purchase of a home in Atlanta/metro Atlanta/Georgia. The funds can be used to cover the down payment and closing costs and the best part is that you may not have to repay the money if you live in the house long enough. There are a lot of specifics to each program, such as maximum income and purchase price amount, location and condition of the house, amount of savings/assets you have, and so on. It can be very overwhelming, but with the help of a caring agent and a good loan officer, it does not have to be.
If you are buying now or in the near future and would like to take advantage of zero down-payment options, contact me, and we will discuss what will work best for you.