Are you dreaming of homeownership but facing challenges with affordability? There are various funding options available to help you purchase your future home. In addition to traditional mortgage financing, consider exploring down payment assistance programs, family gifts, employee benefits, and more. These resources could be the key to unlocking your homeownership goals. Ready to take the next step in your home-buying journey?

Affordable Housing Programs

If you qualify, there are affordable housing options available that provide low down payment programs, 100% financing, and government loans. Here are some options to explore:

• Down Payment Assistance (DPA) Programs – Many states and cities offer location-specific DPA programs, especially for first-time buyers. Check to see if you qualify for down payment assistance in your area. Down Payment Money Is Out There.
• Low Down Payment Options – FHA and VA Loans provide low-to-no down payment advantages for qualified buyers:
  FHA Loans – Down payments as low as 3.5% with flexible credit requirements.
  VA Loans – Zero down for veterans, active-duty military, reservists, National Guard members, and surviving military spouses.
• 100% Financing – USDA Loans offer a zero down payment mortgage for designated rural and suburban areas.

Family & Community Gifting

Tax-free gifts from family and friends can help offset your down payment and closing costs. We’ve partnered with HomeFundIt™, a down payment gifting platform where your family and community members can donate funds to support your home purchase.

HomeFundIt

• Reinventing down payment assistance.
• Allows buyers to raise funds online from anyone using a credit or debit card.
• Buyers can receive a 2-to-1 contribution match from CMG, up to $2,000*.

*Grant applies to nonrecurring closing costs. If closing costs are fully covered by the seller or another party, the grant can be used to buy down the interest rate. Visit HomeFundIt for full terms and conditions.

2-1 Temporary Buydowns

A 2-1 temporary buydown is an alternative mortgage financing option that offers reduced payments for the first two years of the loan. The mortgage rate will be 1% higher annually until it reaches the original fixed rate. This option can help lower monthly payments in the initial years of your loan and may be offered by either the borrower or the seller to make the home more affordable.

Employer Benefits

Some employers offer homeownership benefits to employees, understanding that financial stability leads to overall well-being. You may be eligible for homebuyer education, counseling, or even special homebuyer assistance through your workplace. Check with your employer to see if they offer homeownership-related programs that could help you achieve your goal of owning a home.

Selling Assets

Consider selling unused possessions, like bikes, boats, or cars. Not only will this help you declutter, but the proceeds can also contribute to your down payment or closing costs. For smaller items, think about selling secondhand electronics, old clothes, collectibles, or antique furniture. You might be sitting on valuable items you never realized could help you buy your home!

Specialized Loan Programs for Eligible Occupations

There are many housing assistance programs designed specifically for individuals in specialized careers, such as medical workers, first responders, and more. Here are some programs that may benefit you:

• MedPro Advantage – Down payment assistance for medical professionals, including licensed medical staff, residents, interns, fellows, and physician assistants.
• FRESH Program – For first responders, this program offers extra home loan savings, including waived credit report fees and $250 off the appraisal cost. Eligible professions include:
  Law Enforcement Officers
  Teachers & School Administrators
  Firefighters & 911 Dispatchers
  And more!

*Borrowers will receive a credit for these costs at closing, provided the loan closes and funds.

Which Option Is Right for You?

After evaluating these funding options, do you feel more confident about your home financing choices? If none of these options fit, we’re happy to explore other alternatives to help you secure your home. And if it’s not quite the right time for you to buy, we’ll give you an honest assessment. Ready to get started? Contact Parkwood Capital Inc. today to discuss how we can help you make homeownership a reality!