We are totally focused on
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
| 302-629-7711 realestate@joynerteam.com |
Tips for buyers
CONTACT ME
Home Team Realty
Joyner Team
6 Creative Ways to Afford a Home
If your income and savings are making
homebuying a challenge, consider
these options.
1. Investigate local, state, and national
downpayment assistance programs.
These programs give loans or grants
to cover all or part of your required
downpayment. National programs
include the Nehemiah program,http:
//www.getdownpayment.com, and the
American Dream downpayment fund
from the Department of Housing and
Urban Development. http://www.hud.
gov/news/release.cfm?content=pr02-
014.cfm
2. Get the seller to provide financing.
In some cases, sellers may be willing to
finance all or part of the purchase
price of the home and let you repay
them gradually, just as you do with a
mortgage.
3. Consider a shared-appreciation, or
shared equity, arrangement. Under
this arrangement, your family, friends,
or even an third-party may buy a
portion of the home and thus share in
any appreciation when the home is
sold. The owner/occupant usually pays
the mortgage, property taxes, and
maintenance costs, but all the
investors' names are usually on the
mortgage. There are companies that
can help you find such an investor if
your family can’t participate.
4. Get help from your family. Perhaps
a family member will loan you money
for the downpayment and/or act as a
cosigner for the mortgage. Lenders
often like to have a cosigner if you
have little credit history.
5. Lease with the option to buy.
Renting the home for a year or more
will give you the chance to save more
toward your downpayment. And in
many cases, owners will apply some of
the rental amount toward the purchase
price. You usually have to pay a small,
nonrefundable option fee to the owner.
6. See if you can qualify for a short-
term second mortgage to give you the
money to make a higher
downpayment. This may be possible if
you have a good income and little
other debt.
If your income and savings are making
homebuying a challenge, consider
these options.
1. Investigate local, state, and national
downpayment assistance programs.
These programs give loans or grants
to cover all or part of your required
downpayment. National programs
include the Nehemiah program,http:
//www.getdownpayment.com, and the
American Dream downpayment fund
from the Department of Housing and
Urban Development. http://www.hud.
gov/news/release.cfm?content=pr02-
014.cfm
2. Get the seller to provide financing.
In some cases, sellers may be willing to
finance all or part of the purchase
price of the home and let you repay
them gradually, just as you do with a
mortgage.
3. Consider a shared-appreciation, or
shared equity, arrangement. Under
this arrangement, your family, friends,
or even an third-party may buy a
portion of the home and thus share in
any appreciation when the home is
sold. The owner/occupant usually pays
the mortgage, property taxes, and
maintenance costs, but all the
investors' names are usually on the
mortgage. There are companies that
can help you find such an investor if
your family can’t participate.
4. Get help from your family. Perhaps
a family member will loan you money
for the downpayment and/or act as a
cosigner for the mortgage. Lenders
often like to have a cosigner if you
have little credit history.
5. Lease with the option to buy.
Renting the home for a year or more
will give you the chance to save more
toward your downpayment. And in
many cases, owners will apply some of
the rental amount toward the purchase
price. You usually have to pay a small,
nonrefundable option fee to the owner.
6. See if you can qualify for a short-
term second mortgage to give you the
money to make a higher
downpayment. This may be possible if
you have a good income and little
other debt.