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Are there any inside tips on down payments for first-time buyers? |
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Folks who are new to the home-shopping world need more than just good
luck. You should, of course, save all you can for closing costs and a
down payment. For further help:
- Revisit your "wish list"
Reconsider
what you're looking for in a first home. Find out what you can afford
now, and consider buying a starter home that requires a small down
payment with the idea of moving up in a few years.
- Take advantage of special programs
Look
into special low- and no-down payment programs like loans guaranteed by
the Department of Veterans Affairs (VA) and Federal Housing
Administration (FHA). Some areas also have local programs for low- and
moderate-income families or first-time buyers, offering lower interest
rates or down payments.
- Gather gifts
Check
with parents and relatives for monetary gifts that can go toward a down
payment or closing costs. A 20% down payment can dramatically cut
monthly costs and eliminate monthly mortgage insurance premiums.
- Consider "sweat equity"
If
you can fix up a home that’s in poor condition, you increase the value
of your investment faster. Ask us about special combination loans that
provide fix-up funds as well as purchase money.
- Scour market for bargains
Call on us to research foreclosure properties, housing auctions and other homes available at below-market costs.
Want to know more? Click on "Ask Your Own Questions" or call or e-mail
us today with questions of your own. We can tell you how much house you
can afford, and we can help you get into your first home.
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