Are you saving up to buy your first home? Do you think it’s out of your price range? It’s important to research all about down payments on your home and programs in your local city, because you may actually be able to afford a down payment on a new home.
A recent survey by Zelman & Associates show that most renters believe that a typical down payment is about 11 to 15 percent of a home’s value, but in 2015 only one in five people borrowing money to purchase a home had a down payment of less than 10 percent. With many local cities offering homeownership programs, buying a home may be closer than you think.
For example, Walnut Creek offers quite a few interest-free equity share loans to homebuyers who qualify as part of its First-Time Homebuyer Assistance Program. People who have worked within the city for at least 90 days and meet the other requirements would qualify for these efficient loans. The city of Concord also offers a mortgage program for low to moderate income people investing in a new home.
These programs are available in many cities, so doing your research on downpayment assistance really pays off.
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