For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesnt have to be the case. As your mortgage broker, we can help you find creative ways to come up with your down payment.
Gifts are monetary gifts given to homebuyers to help cover the costs associated with buying a home, such as the down payment or the closing costs. These funds can come from family members, friends, or other approved sources, and they are often used to supplement the buyer's own savings. We will require documentation to verify the sourse of the gift and to ensure it is indeed a gift and not a loan that needs to be repaid. Properly documented gift funds can make homeownership more accessible by reducing the financial burden on the buyer.
A 100% financing loan allows homebuyers to purchase a property without needing a down payment. These loans, often available through programs like USDA loans for rural properties and VA loans for eligible veterans, help buyers by covering the entire purchase price of the home. This option is particularly beneficial for those who have steady incomes but struggle to save for a down payment, though it is important to know these loans require good credit and may have specific eligibility criteria.
Want to discuss the best options for down payments?
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