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
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There are some great programs out there that offer down payment assistance one way or another aren't there??
Seems like this is a popular question lately. Good idea to do a recap for your readers in the area.
what great choices for down payment challenged buyers!
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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