You read that right! First-time buyers across the country
are getting creative when it comes to saving the necessary down payment to buy
a home.
Many couples are asking their wedding guests to contribute
to their “Down Payment Fund” rather than fulfilling a traditional registry.
This is fueled by the fact that many couples live together prior to marriage
and already have the necessary items to make a house a home…they just need
the house!
The average wedding in the United States has 120 guests who
give wedding gifts valued, on average, at $186. This means that couples could
walk away from their nuptials with over $22,000 towards their down payment!
Services like HomeFundMe allow friends,
family members, and almost anyone else in a buyer’s network to contribute funds
toward the buyer’s down payment. Contributors can determine, at the time of
their donation, if their gifts are ‘conditional’ or ‘non-conditional’ on the
beneficiary buying a home.
According to a recent Wall Street Journal article, “about 400 borrowers have
used HomeFundMe to help buy homes since the program launched in October and on
average, they raise about $2,500.” The article went on to explain that
most borrowers use these funds in combination with their personal savings to shorten
the time needed to achieve their goal of homeownership.
There are more and more programs surfacing from lenders that
allow buyers to put down as little as 3% to buy their dream home. Fannie Mae and Freddie Mac loan
programs require 3% down payments, while FHA programs require
as little as 3.5%, and VA Loans are often approved with 0% down!
Bottom Line
Gone are the days of 20% down or no
loan! If your dreams include buying a home of your own in the next year, you
can get creative with your down payment savings to make it happen!
Let the professionals on The McLeodGroup Network help guide you through the home-buying process.
971.208.5093 or admin@mgnrealtors.com.
By: KCM Crew
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