Need help with your down payment?
The Lawhead Team would like to share the latest One Cool Thing on unique ways you can get help with your down payment for your home:
One of the biggest misconceptions about homebuying is the need for a 20% down payment. Here are some unique ways you can get help with your down payment –
- Crowdsource: Some people use crowdsourcing websites, like Kickstarter, to fund short films and concert tours, so who says you can’t crowdsource your first home?
- Your Employer: Employer Assisted Housing (EAH) programs help connect low-to moderate-income workers with down payment assistance through their employer. Ask the HR or benefits personnel at your employer if the company is party of an EAH program.
- Lender Programs: Many lenders offer programs to help people buy a home with a small down payment. FHA mortgages, for example, can require as little as 3.5% down.
- Government Options: The U.S. Department of Housing and Urban Development offers a number of homeownership programs including ones based on profession such as law enforcement officers, firefighters, teachers and EMT’s.
The California Association of Realtors also offers a Down Payment Resource Directory that will help you find out if you are eligible for any of the 400 plus down payment assistance programs available in California.