That Down Payment IS Possible!
The other day I was speaking with a new acquaintance, maybe in his mid twenties. He was discussing the fact that he was planning on renting for a year or two, as he saved enough money for a down payment. His credit was good, he had a stable job, and he informed me that the only thing holding him back from buying a modest starter home was that he didn't have the "chunk" of money to put down on a home loan.
Well, poor guy, because I ended up talking his ear off about why he COULD potentially buy a house this spring. And it was all down to a super cool program through the city of Cedar Rapids that offers up to $5,000 toward down payment costs to first time home buyers. Surprisingly, I have found that this isn't general knowledge among most people in this area. He had lots of questions, and long story short, he called his bank yesterday to start the loan process (and is already having me find a ton of great houses to go view). SCORE!
If you're hesitant about the down payment part of the home buying process, you may want to read this post, and call me to get more info. This spring housing market is heating up fast, and interest rates aren't going to stay this good forever. Plus, are you really wanting to continue to pay a landlord when you could be paying yourself for a home?
A few things to keep in mind for this grant. As said before, you must be a first time home buyer. You also must meet income and asset requirements (this varies from person to person), meet mortgage qualifications, and also buy a qualified home. The home must be in Cedar Rapids, but cannot be in the flood plain. Other than that, it does need to pass a city inspection, and have an eligible price tag. First step in this process? You must take a HUD-approved home buying education course before applying. Now, Horizons does offer an online option for that course, which makes it pretty easy, but you can take any course as long as it meets the HUD requirements. After the course is completed, the program coordinator will walk you through the rest of the qualifying requirements. Pretty simple, right?
I have seen firsthand how this program can help families and individuals who otherwise wouldn't be able to own their own home. We all know the benefits of owning versus renting, but roadblocks can make that dream seem impossible. I'm here to tell you that it's not! Give me a call, and let's figure out what we need to do to move you into your new home this spring!
Well, poor guy, because I ended up talking his ear off about why he COULD potentially buy a house this spring. And it was all down to a super cool program through the city of Cedar Rapids that offers up to $5,000 toward down payment costs to first time home buyers. Surprisingly, I have found that this isn't general knowledge among most people in this area. He had lots of questions, and long story short, he called his bank yesterday to start the loan process (and is already having me find a ton of great houses to go view). SCORE!
If you're hesitant about the down payment part of the home buying process, you may want to read this post, and call me to get more info. This spring housing market is heating up fast, and interest rates aren't going to stay this good forever. Plus, are you really wanting to continue to pay a landlord when you could be paying yourself for a home?
A few things to keep in mind for this grant. As said before, you must be a first time home buyer. You also must meet income and asset requirements (this varies from person to person), meet mortgage qualifications, and also buy a qualified home. The home must be in Cedar Rapids, but cannot be in the flood plain. Other than that, it does need to pass a city inspection, and have an eligible price tag. First step in this process? You must take a HUD-approved home buying education course before applying. Now, Horizons does offer an online option for that course, which makes it pretty easy, but you can take any course as long as it meets the HUD requirements. After the course is completed, the program coordinator will walk you through the rest of the qualifying requirements. Pretty simple, right?
I have seen firsthand how this program can help families and individuals who otherwise wouldn't be able to own their own home. We all know the benefits of owning versus renting, but roadblocks can make that dream seem impossible. I'm here to tell you that it's not! Give me a call, and let's figure out what we need to do to move you into your new home this spring!
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