| I know most of my blog audience is probably past the “1st time home buyer” stage. But, if your kids have recently graduated from college or planning to get married, this information could be a game changer for them.
We all know a major hurdle for many first-time home buyers in the PNW is the hefty down payment. Even if monthly mortgage payments might be manageable, the upfront down payment can make home ownership seem out of reach.
Well, I may have a solution that can help turn your renters into home owners. I’ve just taken a class on grants for first-time home buyers. I was surprised to learn that there are over 30 programs that cater to new home buyers, with some having no credit score requirements and others requiring only a 580 credit score.
Some of these programs offer down payment assistance of up to $70,000! With these programs the assistance is provided as a zero-interest second mortgage, and here is the great part, it doesn’t need to be repaid for 30 years or upon selling or refinancing the home!
Not all homes qualify for these programs, but many condos and townhouses do. Some programs extend to homes priced up to $1.5 million. Household income limits vary, with some programs capping household income at $120,000 per year.
Did you know?
The mortgage industry considers a first-time buyer anyone who hasn’t owned a home in the last 3 years. So if you owned a home previously, but have been renting for more than 2 years – maybe due to divorce (note: I’m a Certified Real Estate Divorce Specialist™) or a relocation – you could qualify for an assistance program.
I believe this information could be a game-changer for those struggling to save for a down payment. Feel free to forward this newsletter to anyone who might benefit from it, or have them give me a call. I’d be more than happy to guide them in the right direction. |
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