If you need assistance, please call 239-542-3332

Struggling to save up for a down payment? You have options!

Friday, October 11, 2019   /   by Lauren McGinnis

Struggling to save up for a down payment? You have options!

Struggling to come up with a down payment?  You're not alone.  According to a recent survey from Apartment List, 62% of millennial renters say that's their main reason for delaying buying a home. Of that group, 48% say they have no money for a down payment. 

Saving thousands of dollars can feel overwhelming but luckily there are several options to help realize the dream of owning your own home. Not all of the programs are publicized. That's where working with a REALTOR can help! Here are some tips to help you find the right down payment assistance for you. 

  • The first thing we recommend is to ask your REALTOR or lender. They would be able to help guide you to programs best matching your criteria or, at the very least, put you on the right track.
  • If you do not have a REALTOR yet, start with a national search. When you search for programs that aren't connected to a specific location, you give yourself more options. Doing your own research will not only make you more informed, but could also help you find a program that matches your requirements. 
  • The third thing we suggest is to check programs that are centralized to your own state. If you check the HUD webpage, you can narrow your search to your specific state, including the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. 
  • Now, take it to an even smaller group -- local. Try searching for options in your city and those cities surrounding you. A number of cities have multiple options for first-time home buyers. One of the biggest advantages of searching locally is being able to walk into a space and talk to someone face-to-face. Again, that's why your best bet is to get in touch with a REALTOR. You may be able to find more help than you knew was available because he or she can certainly put you in touch with a local company specialized in helping with down payment assistance. 
  • Finally, if you haven't found a program that fits your needs after the previous searches, try looking for programs based on your profession. Most people have heard about VA Loans for our military members -- but did you know there are options for several other professions as well? 
Overwhelmed by the process? Reach out to us! We are always here to answer any questions or help you any way we can: 239-542-3332. 

  cape coral, florida, city, canal city, living, property, sunshine, swfl, homes, need to know, waterfront wonderland, gulf of mexico, investment, fort myers, real estate, fl, lee county, market, for sale, re/max, buying, local, support local, interest, mortgage, survey, fannie mae

"The Cole Team" RE/MAX Realty Group
Brenda Cole
1337 Cape Coral Pkwy East
Cape Coral , FL 33904
239-542-3332

2019 Royal Palm Coast REALTORĀ® Association. All rights reserved. Information has not been verified, is not guaranteed, and is subject to change. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) of the Florida Gulf Coast Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than RE/MAX Realty Group IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Last Updated: 10/20/2019 2:08 AM CST
The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida Multiple Listing Services. Properties listed with brokerage firms other than RE/MAX Realty Group are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2017 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact RE/MAX Realty Group Data last updated 10/20/2019 2:08 AM CST.