Helping Low-Income Buyers Purchase a Home

The biggest concern for many homebuyers is their budget and the affordability of homes that they’re looking at. Fortunately, a lot of resources exist to provide financial assistance low and middle-income homebuyers. As a realtor, being aware of and educated about these opportunities in your local area can help you make the difference both for yourself and for your clients.

Here are a few important Mortgage assistance programs to look into.

FHA Loans

Federal Housing Administration insured loans are designed to make credit accessible to low-income buyers. Instead of the usual 15-20% downpayment, an FHA loan only requires homebuyers to put 3% down to get access to a mortgage.

Downpayment Assistance

HUD, various non-profits, and local governments offer down payment assistance to low-income homebuyers. These grants come in a few different forms (sometimes interest free loans, other times completely forgivable debt), but they’re mostly designed to cover that remaining 3% down payment that people with an FHA loan have to deal with.

First-Time-Homebuyer Grants

This category of grants is reserved for first-time homebuyers and is designed to help people defray a variety of expenses, including closing costs, down payments, and some of the principal cost of the home. They usually won’t provide more than about 10% of the home’s value, and are meant to make the costs related to the actual purchase process affordable.

How can You Find all these Grants?

Join us at MortgageGrants.com and get access to all the mortgage grant options in your area! We find them for you and show you everything you need to know!

Federal, State and Local governments offer a variety of grants that can make all the difference for a low income buyer. Grants exist for a variety of purposes and sizes.