Were you looking into real estate and found a house that has all the features you want? Perhaps you are in dire need of a new house as you’re about to be relocated to a different work site? Or maybe you’ve decided to finally purchase the house you’ve coveted for a long time?
No matter the size or location of the house you’re eyeing on, one thing’s for sure: your agent will tell you that there’s a twenty percent down payment requirement. And now you’re scratching your head, trying to figure out ways to pay the hefty amount of that twenty percent. Indeed, the down payment hurdle is the number one obstacle to homeownership.
If your budget is tight, then your loan officer will advise you to subscribe to Charlotte down payment assistance program. This type of financial assistance has significantly changed the homeownership landscape, as it allows more middle-class workers in a community the right to own a home, without being weighed down by an oppressive interest rate.
Down Payment Assistance: The Most Viable Solution
More and more individuals are able to own the houses they want because of Charlotte down payment assistance programs. How can a down payment assistance program help you? Here are its benefits:
- Reduced Interest Rates
Your agent is your guide to making the right choices in home buying. And they will tell you to prioritize the down payment. When it comes down to it, you have several options in the down payment value that you can pay. When it comes to down to it, it’s up to you how much interest you’re willing to pay for. Your loan officer can quickly look for options that allow you to pay only ten or fifteen percent. Whether that’s a better option than paying for twenty percent or more, that’s up to you and your bank account. If you want to lessen the financial burden down the line, then paying for twenty percent or even more is a wise choice.
- Become an Empowered Homebuyer
As we all probably agree, the twenty percent requirement is one of the biggest pain points that most homebuyers experience. It can even affect the variety of housing options available to you. If you choose a down payment assistance program, you have better chances of getting the home that you want. Of course, you will have to apply for a loan and satisfy the income requirement.
- Receive Other Perks
If you are planning to purchase a home that is located in a target area catered by the housing finance agency you’re partnering with, then you are even luckier. Chances are you can receive special benefits such as more lenient income requirements, lesser value for the collateral requirement, higher assistance amounts, and many more. Some down payment programs may waive the first-time homebuyer requirement, as long as you choose a house within the area designated by the agency.
So if you see a house that has captured your interest, then there’s no reason for you to hold back. Having a tight budget shouldn’t be an obstacle. Turn to our firm for our reliable down payment assistance program. With us by your side, you can get the home that you deserve.