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6 Creative Ways to Afford a Home
If buying a new home has become a challenge because of your income or savings you should consider these options.
1. Consider local, state, and national down payment assistance programs. These programs give grants or loans to cover part or all of the down payment. The Nehemiah program – http://www.getdownpayment.com and the American Dream down payment fund – http://www.hud.gov/news/release.cfm?content=pr02-014.cfm are 2 choices you can check out.
2. There may be times that the seller will give financing themselves just like a mortgage. Ask if this is possible before you give up on the home.
3. Consider a shared equity arrangement which means that your friends, family, or a 3rd party may buy a portion of the home and share in an appreciation when the home is sold. You will be in charge of paying the mortgage, property taxes, and maintenance costs but the investors name is on the mortgage as well. There are companies that can help you find such an investor if your family help.
4. Ask for help from your family in the form of a loan for a down payment. They can also act as a cosigner for the mortgage.
5. See if the seller is willing to let you lease with the option to buy. When you rent the home some of the money will go towards the down payment giving you a chance to build up that value. You may have to pay a small, nonrefundable option fee to the owner.
6. If you have good income and little other debt but can’t seem to come up with the down payment then you can see if you can qualify for a short-term second mortgage to give you the money to make a higher down payment.
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