Down Payment "Gifts" Available

July 23, 2008

Want to buy a home, but just can’t come up with down payment money?  Don’t be discouraged – help is available!

The guidelines for mortgages have become very strict and all those 100% sub prime loan programs no longer exist.  This is good news for our industry as so many of those programs helped create the current foreclosure crisis. But what about the buyer with the ability to make the payments, who has kept their credit in good standing and just doesn’t have the savings it might take to get into a home?  Down Payment Assistance (DPA) programs are currently available through approved lenders (Beach Community Mortgage) that provide a way for the minimum down payment to be “gifted” to the home buyer.  This means you never have to pay this back!  The funds are actually provided on behalf of the borrower at the time the loan is closed.  Qualification is simple and is part of the normal process of a loan approval.

If you are selling your home and not getting the traffic you want, consider these programs.  They are an excellent tool to make your home stand out above the other listings in your price range.  You might even realize more money in your pocket by offering to participate in a DPA program for your buyers instead of lowering your sales price!

Call one of our experience Loan Originators today to see how these programs can help you!