As home prices continue to appreciate throughout the nation, down payments become harder to make. Housing down payment from HUD may be the answer.
Housing Down Payment Assistance HUD
One of the biggest financial hurdles to the American Dream of owning a home is the down payment. The magic number with down payments is twenty percent of the value of the home. If you can put down this amount, you avoid expenses such as private mortgage insurance and get a head start on building equity in the property. It can be hard, however, to come up with twenty percent on a home selling for $300,000, to wit, you need $60,000!
Homes can then be purchased through HUD and financed through FHA-approved low interest loans. In addition, HUD offers other services including housing down payment assistance. Although HUD does not offer these directly to the public, it has DAPs in place. A DAP is Downpayment Assistance through Secondary Finance Providers. These providers are backed by HUD and offer no to low interest loans that be used for down payment assistance when it is needed. Instead of financing your home purchase, they finance the down payment required for the purchase....
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