Overland Park KS Homes for sale & Johnson County Real Estate Blog: Are you down payment Challenged?

Are you down payment Challenged?

There are many would be first timers who would love to buy a home but lack the 3.5% down payment needed. What many first time home buyers don't know is that there are several programs available to help them.

HUD homes

HUD homes only require a $100 Down Payment plus HUD allows for up to 3% of the purchase price be used for your closing costs.

 

USDA Rural Development Loans

Loans backed by the USDA don't require a down payment. The only kicker is that the home must be in a rural development area. Gardner, Stilwell and Spring Hill in Kansas and Blue Spring and Grain Valley in Missouri. The good thing is that more properties qualify than you think.

 

MHDC

The MHDC is a bond fund that gifts down payments in Missouri. They have several programs for first time homebuyers. The MHDC does have income restriction based on family size but is a great program.

 

If you are down payment challenged let my team of lenders show how to use one of these great program help you become a home owner.

Remember that the $8000 First time home tax credit expires April 30th

Call The Russell Home Team today at 913-681-1383

 

 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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Comment balloon 4 commentsMike Russell • February 24 2010 02:13PM

Comments

There are some great programs out there that offer down payment assistance one way or another aren't there??  

Posted by Deborah Byron Leffler BzyBee Real Estate Lady! (Keller Williams Realty Boise) almost 8 years ago

Seems like this is a popular question lately. Good idea to do a recap for your readers in the area.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 8 years ago

what great choices for down payment challenged buyers!

Posted by Renée Burrows, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 8 years ago

I'd like to see us get back to the point where people buy a home, live in it, raise a family in it, retire in it, and even die in it. I don't think that attitude is going to return, though, unless buyers are required to put more money down on the home they buy. I think everyone, no exceptions, should be required to put 10% down at least.

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Posted by Not a real person almost 8 years ago

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