Saving for a down payment can be tough, but it’s easier if you know about these tips and tricks.
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If you’re worried about being able to save up for a down payment on your home purchase, I have some tips to share today that should help.
First of all, you can look for grants. They don’t have to be repaid, and if you qualify based on income or credit score requirements, you could receive a sum of money to use on your down payment. A mortgage professional should be able to let you know the types of grants for which you can qualify. There could be grants based on your job, too.
A down payment loan is another thing to consider. You will have to repay it, but in many cases, it isn’t until you have to sell the property, or it’s forgiven if you stay in the property for a certain number of years. Finally, a gift from a friend or family member can be given to you to use as your down payment.
A mortgage professional should be able to let you know the types of grants for which you can qualify.
As you can see, there are several ways to get creative about paying for your down payment. If you are interested in learning more or if you have any other questions, feel free to reach out via phone or email. We’d be happy to answer any questions and get you in touch with the right lender, if necessary. Looking forward to hearing from you!
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