How to Make Your Home Purchase More Affordable

If you are in the market for a home, you could feel overwhelmed at the thought of spending thousands of dollars on a down payment and closing costs. The good news is that assistance programs can help you better manage those costs. Let’s look at how to find these programs and how they can make it easier to purchase your dream property.

Programs Are Offered by State and Local Governments

For the most part, assistance programs are made available by either local or state government agencies. They may require that you purchase a property in a certain part of the state or that you reside there when applying for assistance. In addition, programs may be limited to those who make below a certain income threshold or who are willing to stay in the home for a certain period of time.

How Do These Programs Help You?

In some cases, these programs offer up to $10,000 to make a down payment on a home of your choosing. In lieu of a grant, down payment assistance may be made in the form of a piggyback loan added to your mortgage. They may also provide money to pay for repairs or other upgrades that make a property safe to live in.

Talk With Local Housing Officials

Local housing or other government agencies may be able to tell you more about any program that you wish to participate in. For instance, you can learn if the program is still active or what the requirements are to participate. From there, it may be possible to get an application or actually apply for available down payment or other financial assistance available to you. Working with the best loan officer in Las Vegas may also help you gain more insight into what your options are.