Financial Assistance Ideas From A Variety Of Sources Takes The F Fears Out O Of H Home Ownership
ď śTwo things that can be very scary but usually have wonderful results are buying a home and refinancing your existing home. ď śIf you are a first time home buyer, you know how daunting g the p paperwork p and research can be, but what is really scary is having to come up with the money needed d d to t close l the th d deal. l
ď śYour down payment alone will seem staggering and then there are closing staggering, costs and administrative charges. It makes y you wonder how anyone y ever buys a home. ď śHowever, there are some financial assistance ideas available that can help you get into your home and do it without growing i b broke. k
ď śThe HOME Investment Partnership Program found at hud Program, hud.gov, gov is designed by governmental agencies to help low income families buy y their own homes. ď śThis includes helping with the down payment p y and negotiating g g a competitive p price on behalf of the buyers. In later years, the program continues to assist th ffamily the il iin making ki payments t when h necessary.
ď ś1st time homebuyer grants like the Federal Department of Housing and Urban Development American Dream Down Payment y Initiative encourages g new buyers to take the plunge. grant allots up p to $10,000 to the ď ś This g buyers to make their down payment and cover closing costs, taking the bite out of th actt off buying the b i a home. h
ď śThere are regulations, including the fact that the grant cannot exceed 6% of the overall cost of the home. ď śYou can find out more at hud.gov.
Of course, for some, buying the house is not the concern; the concern is hanging on to it. Whether you bought your home with a subprime p mortgage g g that y you can barely afford or you recently lost your job or took a pay cut, you may have f found yourselff in over your head with mortgage payments you simply cannot afford to make. make
ď śOn the other hand, you may simply need cash to make a purchase, purchase pay a medical bill, or do some home improvements. ď śEither way, way you have also probably found that banks are not as easy to work with as they y were you y when you y bought g your y house, and a refinance may not be as easy to obtain as it once was. However, you do d have h a few f h home refinancing fi i options.
ď śThe FHA Short Refinance Program is a government backed program that helps home owners who are upside down on their mortgage. g g ď śThis program grants you a new mortgage that covers your home at 115% of what it is currently worth.
ď śBy refinancing in this way, you can reduce your payments and perhaps hang on to the house until housing values go up p again. g ď śYou must have a minimum credit score of 500 in order to be eligible for this service. To learn more, you can visit governmentfinanceassistance.com.
ď śBanks like Huntington and Bank of America offer options as well well, including a balloon loan that is great for families with long g term security y who need a break right now.
This loan charges a reduced interest rate for the first three years, years with payments “ballooning” after that. You can get more information about this idea at Huntington.com. http://www.financialassistanceinformation.com ttp // a c a ass sta ce o at o co
Published on Oct 24, 2011
Two things that can be very scary but usually have wonderful results are buying a home and refinancing your existing home. If you are a firs...