You just found your dream home in NELA, and it's within your budget! One thing has you scratching your head though, how are you going to come up with the 20% down payment? You're worried that if you can’t find the money for the deposit, you'll lose your chance to buy your perfect house.
Don't worry just yet. Many Louisiana homebuyers are surprised to learn that there are a variety of down payment programs available to them—and a great lender will be able to help them find the right one!
A lot of home shoppers don't even consider applying for any kind of down payment assistance. People might automatically assume they're not going to qualify, or it's just too much work, and not even worth the hassle. This isn't always the case! Lenders want to get more people into homes, and these kinds of programs can help, as long as you meet eligibility requirements.
Here are some tips to help you find a down payment assistance program that's right for you:
1) Ask your lender if about government programs available for you
Some types are the Rural Development USDA (RD), Federal Housing Administration (FHA) and Veteran’s Affairs (VA). Each of these bodies have home loan programs for individuals, and some have a down payment component. You can also find assistance options by consulting with your state on the Department of Housing or Urban Development websites.
2) Special programs for certain buyers
You may qualify for down payment assistance if you're an educator, healthcare worker, firefighter, police officer, or another type of civic employee. If you're a first-time homebuyer or haven't owned a home in more than three years (re-qualifying you as a first-time buyer), you could also qualify for down payment help.
3) Search online and ask around
Search websites such as Down Payment Resource, which calculates what kind of assistance you might be eligible for receiving based on your community, occupation, and income. You can also search for programs that provide loans, grants, or tax credits, or others that can help you come up with your down payment faster, cover closing costs, and help move you into your perfect home sooner than you would on your own.
If your search for down payment assistance is turning up empty, get in touch! Because programs change frequently, realtors are usually up to date on these topics.
