Buying a new home is an exciting new adventure. Looking at the various features of homes on the market and imaging your future in the new area can be fun and alluring. At some point in this process, you’ll need to think about how much you can afford to put down on a house. Many buyers assume that they don’t have enough money for the down payment, and therefore won’t be able to buy a house. The good news is that there are options available to you. Consider some of the following down payment options for assistance from Shorewood IL real estate agent Jeff Gregory.
State and Local Housing Agencies
You might be surprised to learn of what you actually qualify for with these agencies. Many buyers think that it is only those that have lower incomes that qualify for assistance from state and local housing agencies. This is not always the case, so it is worth checking if you need help with a down payment. In fact, if you make more than the median amount of income for your area, you still might even qualify for a grant. Consult your real estate agent to find out what you might qualify for. If you are looking to buy in the Chicago suburbs, contact Shorewood IL Realtor Jeff Gregory.
Help from Lenders
It might be a good idea to check with a few lenders to see what programs they have available. It is not entirely uncommon for lenders to have their own programs. This is nice considering that many buyers don’t want to an FHA loan. These loans make it so that a buyer can put down a small percentage of the price of the home, however, the mortgage insurance premiums have increased. Thus, lender programs can be a good alternative. As a real estate agent in Shorewood IL, helping buyers work through their options is an important service.
Private Mortgage Program
A private mortgage program can enable buyers to get a typical mortgage with as much as five percent down. The buyer will need to show that at least that amount is coming from their own funds. If it possible to get down payment assistance that allows for a smaller down payment, and the mortgage insurance premiums are avoided, then that is ideal. For options for down payment assistance in Chicagoland, consult Shorewood IL real estate agent Jeff Gregory today!