It’s frustrating to miss out on a deal. Have you ever gotten home from shopping and found a $2 coupon for the $5 pint of organic strawberries you just bought?
Well, imagine a similar situation related to your home purchase.
While there aren’t any “buy one, get one free” home deals, there are assistance programs for buyers across the United States. But 70% of Americans are unaware of these down-payment assistance programs, according to a survey from NeighborWorks America.
More than 2,200 such programs exist, and they represent hundreds of millions of available dollars.
These assistance programs can save you thousands of dollars on your home purchase. There is help available for many circumstances—if it’s your first home, if you fall below certain income levels, if you work in certain types of job, if you served in the military and more. Almost as many types of assistance exist as types of people buying homes.
These programs can reduce the amount of your down payment, give you a lower interest rate on your loan or lessen the amount you owe at closing. Some are nationwide, some are regional, and some are local.
But you won’t know what’s available and what you might qualify for unless you ask questions and do some research.
If you were one of the 70% of adults in the United States unaware of such buyer-assistance programs, now you know better. Do yourself a favor: Don’t leave money on the table. Don’t close on your new house only to discover you could’ve lowered your interest rate or put down a smaller down payment.
Talk to your lender. Ask about what types of buyer-assistance programs are available for people in your situation.