“About 90% to 95% of buyers don’t realize they might be eligible for down payment assistance,” says Rob Chrane, president of Down Payment Resource, an Atlanta-based company that helps connect customers with down payment assistance. “It’s not really widely known.” - Fox Business
Home ownership is still a dream is America but with large down payments coming out of pocket home ownership is staying a dream rather than a reality for potential buyers in the US.
Borrowers tend to need to put down 20%. On a 250,000 mortgage, that amounts to $50,000. Once closing costs are added to the mix, buyers can be facing paying around $70,000 out of pocket.
For most people this asking a lot. However, first-time buyers and those who haven’t purchased a home in three years can find down-payment assistance through government and non-profit agencies scattered across the country.
To find out how much you help you are eligible for or for more information click on the down payment icon below!