Probably the biggest hurdle for first time home buyers is coming up with the funds for a down payment. Here in Parker, Colorado and the entire Denver Metro area, it's difficult to find a home for less than $500,000. With a minimum FHA down payment (plus closing costs), a home buyer is looking at about $20,000 or more. That's a lot of money for most of us. The good news is that there are a multitude of down payment assistant programs that cover all or some of the the down payment. So, if you have the income and credit to purchase, don't let lack of down payment funds keep you from purchasing your first home.
The Truth About Down Payments
Some Highlights
- There’s a misconception going around that you have to put 20% of the purchase price down when you buy a home. But the truth is, many people don’t put down that much unless they’re trying to make their offer more competitive.
- And if you want to give your savings a boost, look into down payment assistance. There are thousands of programs that offer an average benefit of nearly $17,000.
- To learn more about loan options or down payment assistance programs, connect with a trusted lender and check out downpaymentresource.com.