6 Creative Ways to Afford a Home

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller 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 would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and 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. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer 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 down payment. 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. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

Mortgage Lenders

Renovation Mortgage Plus

Mario E. Boles/ Diego Hodge

FHA/203K/Fannie Mae (Homestyle)/Freddie Mac (Renovation Mortgage)

2475 Northwinds Parkway, suite 200

Alpharetta, GA 30009

Office: 770-753-6239 

mario.boles@renovationmp.com

diego.hodge@renovationmp.com

*Vonda Henry, Loan Officer (West End Resident)

Advertent Mortgage 

 404-374-3557 

*Bank of America Mortgage

Darren Smith

Mortgage Loan Officer

Assistant Vice President

6075 Roswell Rd

Atlanta, GA. 30328

 404-256-6326  Phone

 866-517-8923  Right Fax

404-358-6883 Cell

 

*Sam Thompsonread my blog:  http://samthompson.thewrittenblog.com

Home Mortgage Consultant

Home Services Lending, LLC

An Affiliate Of Wells Fargo Home Mortgage

MAC M2046-030

3391 Town Point Drive, Ste 325

Kennesaw,  GA  30144

(678) 355-0785 Tel

(770) 301-0527 Cell

1-866-737-9015 E-Fax

sam.thompson@hsl-ga.com

 

web address to apply on-line:

www.homeloans.com/sam-thompson

 

 

*Jayson Duff (can also do FHA loans for 550- 580 credit score!)

Mortgage Banker- REMN, Inc.

500 Town Park Lane Suite 145

Kennesaw, GA. 30144

Office:  770-373-5410 

Cell:  678-360-1969 

jduff@remn.com

www.remn.com

www.jaysonduff.com

 
*Countrywide Bank, FSB

Brian Rains

Home Loan Consultant
4531 Olde Perimeter Way, Suite 200
Atlanta, GA 30346
Cell:   (404) 964-4803

Email: Brian_Rains@Countrywide.com