Buying your first home can be challenging, especially if you’re doing it alone or working with a limited budget. Making the transition from renting to homeownership is hard, not only because of the large sum of money you’ll need for a down payment, but also all the other costs involved. You have to pay lender fees, mortgage insurance, property taxes, and more. But fortunately for first-time homebuyers, help is out there – you just need to look for it.
Below, we’ve shared some tips for getting financial help to pursue your dream of homeownership.
Getting Financial Help as a First-Time Homebuyer
Perhaps you’ve saved up for a down payment, but you don’t have enough money to cover closing costs. Or maybe you’re just short on cash in general. Either way, you need financial help to fund your home purchase. Here are some options that we recommend looking into:
Asking Your Family
Asking for financial help from your family may make you a little bit uncomfortable at first, but you may be surprised by how your request is received. Your family may already have funds set aside for you that you don’t know about or they may just be excited to help. Either way, you don’t know until you ask. And the worst thing that can happen is they say no, and you move on. Simple.
Grants & First-Time Buyers Programs
When shopping around for lenders, one of the questions you should ask is what kind of assistance they offer to first-time buyers. Your lender is an excellent resource for learning about grants and financing options that may be available to you!
Zero Down Loans
Another route that you could go is to pursue a zero-down loan like the USDA home loan program or VA loan program. If you’re a Veteran or active service member, now is the time to take advantage of your VA benefits – you’ve earned them! Or, if you like the idea of moving to a rural area, then the USDA loan program could be the right option for you.
Be Your Own Hero
At the end of the day, if no other options are available, you may just have to help yourself. But you can do it! Don’t be afraid to push yourself. You may have to work a little harder by taking on an extra job or side gigs, but it will pay off in the end. And your reward will be a beautiful home that you can call your own.
Looking for First-Time Buyer Help?
Let us point you in the right direction! Call our office today to speak to an expert and begin exploring your financial options.