Younger Homebuyers are Leaning More on Assistance Programs for Down Payments
The real estate market for homes has been improving consistently since the market crash in 2008. As a result, home buying is now out of reach for many younger people who cannot put together enough cash to pay the steadily increasing down payments needed for these homes. Income has not kept pace with increasing rents or home prices, making the need for alternative funding more important.
This is where The DPA Team at Sterling Realty can help. We can provide the following services to first-time homebuyers:
- We offer credit coaching to help buyers who are just below credit thresholds to increase their credit score to levels required by down payment and grant programs.
- We will act as advocates for buyers to get the assistance they need.
- We assist buyers by showing them the right questions to ask to get the funding they need
- Some buyers may pre-qualify for a mortgage, then realize they don’t have the funds for down payments and closing costs. We help buyers understand all the issues for buying their first home to avoid these setbacks.
In Florida, there are several sources for down payment assistance which are familiar to the DPA Team. They include:
- Florida State Housing Finance Agency
- City and County financing loans or grants
- Various housing authorities
- USDA, FHA, and VA loans
- Non-profit agencies
If you are a first-time homebuyer who is having trouble putting together the funds for your down payment and closing costs, contact The DPA Team at Sterling Realty and discuss your situation with us. We will work with you to get the funding you need. Call us at 941-315-5300.