How To Get A Down Payment For A House

July 8, 2020

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DOWN PAYMENT RESOURCES GUIDE: Visit my website at: www.homepricebronx.com to download your free Down Payment Resources Guide that covers 40 different ways to get money for your down payment and closing costs, including 15 programs specific to New York & Connecticut.

As a Bronx Real Estate Agent and a first time home buyer myself recently, I know that “How To Get A Down Payment For A House?” is the big question that most of us first time home buyers need to have answered. Once we have the assets we need for our down payment and closing costs, financing a purchase becomes a lot easier for us to achieve. In this video, we cover various down payment resources and closing cost grants that can help you realize your dream of homeownership faster.

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Do you need or want money for your first home purchase? If so, this is the video for you. Welcome home. My name is Justin with DKC Realty Group. And as someone who’s worked with a lot of buyers over the years and was a first time home buyer myself just five years ago, I know that getting the money we need for our purchase is often the biggest hurdle we have to overcome on our path to home ownership. In this video, you’re going to learn five different ways that you can get the money you need for your down payment and closing costs. So let’s get started. Number one, the government. So state and local local government agencies often incentivize home ownership and provide assistance usually in the form of a grant or forgivable loan. Either way, we’re talking potential free money. One program we spoke we spoke about before is the SONYMA program in New York state, which can provide you with up to $15,000 towards your down payment and closing costs. Another program comes from the NYC Housing Preservation Development and it can provide up to $40,000 in assistance. Don’t go leave us yet. We’ve got information on both those programs and more including how to apply later on in this video. Number two, banks. Now a lot of banks provide assistance programs for first time home buyers, could be based off your line of employment. It is definitely worth checking with a lender to see if they have any program you may qualify for. Now their programs may vary depending on the bank. However, one example is the matching funds model. So in this instance, let’s say we put $2,000 into a savings account, we keep it there for one year, the bank is going to match our contribution four to one. So we put in $2,000, that means they’re going to add on $8,000 on top of that, by the end of the year, we now have $10,000 that we can use towards our down payment. And if you like what you hear so far, be sure to slam those like and subscribe button real quick. Number three, savings bonds. If you are like me, you may have forgotten that you got any, but this is a great time to pull them out if you have them. Just be sure to check with your financial institution or tax advisor to make sure that you’re exempt from any early redemption penalties. If you have any other creative ways to get money for your down payment and closing costs, drop it in the comments below. Or simply save money just so people know what we’re talking about. Number four, the NYSAR grant. NYSAR or the New York State Association of Realtors may provide a grant of $2,000 to qualified first time home buyers. Just know that your real estate professional needs to be a member of the Association of Realtors, in order for you to apply. I have two bonus tips coming up for you after our fifth point so be sure to stay tuned. Number five, your network is your net worth. You may have friends of family or community members even that want to chip in and help you purchase your home. If they’re providing your funds, your lender will probably require them to complete a gift letter. Usually it just simply speaks to their relationship to you and that they don’t expect you to pay them back at any point in time. First bonus sell stuff, you may have a lot of stuff. You can sell it. It’s a great way to raise money quickly and it will make moving a heck of a lot easier. Second bonus. If you are interested in the free guide that contains 40 different ways you can get money for your home purchase including 15 programs specific to New York or Connecticut. You can use the link in the comments and descriptions below to access it. Also, be sure to slam that subscribe button and the bell next to it so you can stay up to date with the real on Real Estate. Thank you so much, and I’ll see you next week.