Down Payment Assistance Providing Huge Help in Florida and Across the Country
The Federal Government’s down payment grant is paying big dividends in the housing market
A home is oftentimes the biggest investment in a person’s or a couple’s life, and with the recent restrictions on mortgage lending put in place after the housing crisis it has become even harder to secure a loan. The biggest issue that home buyers face is usually coming up with enough capital to place a downpayment large enough to make the monthly mortgage payment affordable. In some cases, the cost is simply too large for anyone to afford. That’s where down payment assistance comes in. This program has helped homeowners both here in Florida and across the country secure the funds they need to get the homes of their dreams. Have you considered it yet?
What is Down Payment Assistance?
According to the National Association of Realtors–”the most difficult step in the home buying process was saving for a down payment”. The National Housing Fund wanted to come up with a solution to this conundrum. Enter the Down Payment Assistance Program. The basics of the program are that qualified home buyers can be given a grant that doesn’t need to be repaid in order to make a down payment on their home and get an affordable monthly mortgage payment. Some of the details include:
- It’s a down payment/closing costs assistance grant up to 5% of the loan
- The grant never has to be repaid
- Multiple grant levels
- Not limited to first-time buyers
The sad thing is that according to statistics only 30% of buyers are even aware of these programs. We need to make this known to everyone trying to buy a home in Bradenton and Florida at large.
Down payment assistance is making a huge dent around the nation
The advantages of the assistance program are clear:
- Home buyers aren’t overburdened in the beginning with big payments
- Less time needed to save(so faster sales!)
- Lower monthly payments
- Ability to help buyers get the homes they want
The statistics around the nation have spoken, too. A recent survey conducted by RealtyTrac pooled together data from 513 counties around the nation including several here in Florida. The results were striking! The Down Payment Assistance Program helped:
- Buyers save an average of over $17,000 across the nation
- Buyers save up to $61,000 on a home in Broward County
- Buyers save up to $55,000 in Seminole County
- And save up to almost $40,000 in Miami-Dade County
In a market that is constantly fighting to stay affordable, any help that can be given is always welcome. Homeowners across the nation need to be made more aware of just how much help it could be to get assistance with a down payment. Here in Bradenton and across Florida, home buyers can save tens of thousands of dollars over the life of a 30-year mortgage. Real Estate in Bradenton has never been more affordable than now.