Tuesday, May 25, 2021 / by Explore Homes In Florida
What You Need to Know About Home Loan Down Payments to Make the Smartest Choice Depending on Your Case Scenario
The mortgage world is vast and sometimes unclear on what best suits the different scenarios people can present. With this easy-to-read blog, we’ll go over some of the most common stereotypes for new home buyers and what’s their best mortgage and financial assistance option. See if you find yourself described in one of these cases!
First off, we’d love to hear about your specifications so we can assist you better! Fill out this quick form and we’ll get in touch soon!
Now that we’ve been introduced, let’s get on with the basic “need to knows” you must read before choosing your mortgage plan.
Case scenario 1: you’re a young professional couple, late 20’s early 30’s. Combined income of approximately $85,000 of which you’re spending around $1,800 in rent. You are getting tired of seeing your money go to waste. You decide it is time to become a homeowner. Let’s do this.
In this case, you may be getting cold feet because, even though your careers are growing and you’re becoming more and more financially stable, you still feel you don’t have enough money saved for a significant down-payment. There are several down payment assistance programs available for you to overcome that first step.
Ask your qualified REALTOR® what Home Ownership Programs are available in your area!
Also, there are Income-Related Grants, which you can find through your university, city, or bank. Let our specialists dig into the options based on your income.
Case scenario 2: You have a military service history, but you’re scared the lack of income proof due to recent deployment may push the breaks in your ownership goals. Do not despair! As a big Thank You to our veterans, there are several options to help you achieve your dreams.
You could opt for a VA Private Loan. There are many programs to assist veterans in their process of homeownership, each one designed to make your return as smooth as possible.
If that doesn’t sound like you, there is also the option of Down Payment Grants. Many states offer this possibility and it enables veterans to become owners by providing down payment assistance.
Case Scenario 3: You’re a successful young professional ready to take it to the next level and invest in a home but, your savings are not as abundant as you’d like them to be.
Ask your loan officer if you’re eligible for Zero-Interest Loans. These will allow you to have the down payment money and pay it over time. All you need is a great credit score and a good steady income.
Likewise, there is always the option of applying for FHA Government Loans. These programs offer lower down payments and flexible requirements. Get in touch with our specialists and they will walk you through the whole process!
Case scenario 4: You have the blessing of a growing family and are in need of some extra space for the children. Home investment is now in sight.
With Down Payment Assistance, your dual-income family could be moving into a new home in no time. And if extra space is your main priority, you could qualify for a USDA Home Loan, which required 0 down!
FHA loans and local homeownership programs are also an option. Call our loan officers to find out what’s your best option.
As you can see, there are plenty of opportunities for you to become a homeowner, take advantage of them!
Contact info: Tel.: +1 954 926 1385
Address: 2205 Hollywood Blvd Hollywood Fl 33020