Low-Down Loans: An Untapped Resource for First-Time Buyers
A variety of government agencies have unveiled down-payment programs — and they’re open to buyers with solidly middle-class incomes.
(Boonton, NJ, May 10, 2016) — In the first few months of 2016, RE/MAX agent Jason Lande closed some 30 deals with cash-strapped first-time buyers.
His secret? Lande tapped a state of Florida program that provides down payment assistance to first-time buyers.
Learning to navigate the down payment program has been a boon to his business, says Lande, an agent at RE/MAX Aerospace in Rockledge, FL.
The program is just one example of the sometimes-generous down payment assistance programs offered by cities, states, and nonprofits nationwide. The wealth of initiatives is helping homebuyers overcome tight lending standards and buy properties they might not otherwise be able to afford.
One lesson Lande learned early on: Do your homework about down payment assistance programs before you start pitching them. Nothing sabotages client-agent goodwill like a buyer learning she doesn’t qualify for a sweet deal after an agent talks it up.
Details on several first-time-buyer programs, plus state-by-state resources appear in the May issue of Real Estate Broker’s Insider.
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