Did you know there are programs out there that can help homebuyers with their down payments?
Consumers in San Diego County and throughout California can see if they’re eligible for any of them through a new online tool that scours for public and private aid.
A down payment is the amount of money consumers have to provide when they’re making a big-ticket purchase such as a home. It’s a percentage of the price tag. Generally, lenders ask for 20 percent, but there are certain loans that require much less.
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Still, some potential homebuyers view coming up with the down payment, which can be tens of thousands of dollars, as a challenge. More than 20 percent of Better Homes and Garden readers said it’s an obstacle to homeownership, according to a January survey.
Enter down-payment assistance programs. They’re not new, but few consumers know about them. And those who are aware of them may have had trouble finding and navigating them.
The California Association of Realtors, a real estate trade group, this week introduced a new tool that aims to make that process easier.
To access the down-payment tool, visit mortgage.car.org, put in some basic information — such as where you want to buy and the estimated sale price — and it outlines programs that may help.
Read more at: www.utsandiego.com/news/2013/feb/25/tp-tool-can-help-with-aid-on-down-payments/
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