Home loans are expensive; everyone agrees on that. This makes it hard to turn the dream of owning a house into a reality. Even those who can afford the monthly payments may still struggle with the down payment. This one-time payment is a sum that’s hard to pay for in cash. What should you do if you don’t have the money for the down payment?
Down Payment Assistance Exists
Down payment used to be that part of the loan that you have to pay upfront; otherwise, you cannot get that loan approved and the house will not be yours. These days, however, down payment assistance from Wasatch Peaks Credit Union is there to help residents of Ogden and other parts of Utah to get that much-needed loan. The assistance means you may not need to spend your own money for the down payment, as long as the house will be used as a primary residence. Local governments back up these assistance programs to minimize the barriers to owning a home.
Help Comes in Different Forms
In Oregon, fair housing advocates are circulating funds to help residents get their home without having to worry about the down payment. The same is in effect in Utah and other states, making it easier to purchase your first home. According to KLCC.org, Oregon’s fair housing down payment assistance works by letting residents borrow a sum of $10,500 to be paid with no interest. The homeowner will only have to pay the loan when they’re planning to refinance and taking out equity, or if they are planning to sell the house. The money is then given to another resident who is planning to take out a loan.
With assistance available, there’s no stopping you from getting the house of your dreams. It’s time to ask your mortgage provider about loan options that fit your budget. Happy house hunting!