When considering buying a new home, many buyers ponder the questions, where can I get my down payment? This is a question that many times perplexes buyers who may be looking to purchase a home. Luckily there are a few options:
- Tax Refund: Tax season is just around the corner meaning, many American’s will be getting tax refunds. A refund can be a great beginning step towards a down payment. According to CNN 8 in 10 American’s receive a refund and the average amount is $2800.
- Grant Programs: Some of our lenders have access to grant programs which assist buyers with their down payment. One of the grants that we have seen covers the down payment amount for qualified home buyers. We have worked with several buyers who have taken advantage of this program. One of our buyers recently purchase a home and was assisted with his down payment. The grant covered the down payment amount of $6450.
- Gift from Family Members: Another way to find a down payment is to meet with family members to see if they can assist with the down payment. Sometimes family members can “gift” money to buyers in order to help with the down payment.
If you need help finding a down payment and want to see if you qualify for the grant program feel free to contact us below:
Information provided by: http://money.cnn.com/2015/01/13/pf/taxes/taxpayer-refunds/