The biggest hurdle for potential homebuyer in the present times would be mortgage down payment. However, that should not hamper you home buying needs.
It would not be wrong to suggest that approximately 87% of first time homebuyers would be thinking on spending 10% or more as down payment for purchasing a home.
That should not be deemed true.
The fact is average down payment for first time homebuyer in the present times has been not more than 6%. In addition, a wide number of programs may not be requiring down payment at all.
In event of you having trouble arranging money for down payment, you should look forward to OnQFinancial on downpayment assistance.
Down payment assistance and grants
Down Payment Assistance or DPA programs along with non-repayable grants could be made use of for making part or entire down payment. It would be pertinent to mention here that the programs would vary from one state to another. Approximately 87% of homes have been made eligible for some type of assistance. However, only a few home buyers would apply for assistance. You would be required to check county, local and state websites. It would also be inclusive of national and regional sources for prospective DPA programs.
What are the different sources of down payment?
Don payment could be acquired through numerous ways. Most of the times, the lender would be flexible. The most common ways to acquired down payment would be using your checking or savings account. However, for repeat homebuyers, down payment would come from the proceeds of sale acquired from the existing home. You would come across several other ways as well to acquire down payment needs.
Despite where you would be funding your down payment needs, ensure of keeping paper trail. It would be pertinent to mention here that without having clear account of your funding sources, mortgage lender would not allow you its usage.
Compare different loan types
It would be imperative that you consider all options when applying for mortgage. Every type would come equipped with several kinds of benefits. In case, one lender is not offering a common benefit, as other available lenders would, you should inquire into it.
You should inquire about your eligibility to avail a specific benefit or the lender is unaware of it or does not offer it. In event of your queries are not given satisfactory answers, you should seek another lender.