Down payment assistance programs provide home buyers gift funds that may be utilized to cover the initial prices of buying a home. The good news is that these funds needn’t be paid back. Down payment assistance programs are offered by non-profit organizations committed to serving to individuals become home owners.
There are a few things to think about while choosing down payment assistance. First, use a real estate agent to appraise the value of the house you want to buy. Some sellers inflate the price of their home to offset the donation to the third party organization. Second, look around for the down payment assistance program choices out there to you. Make sure you’re dealing with a reliable, NHF Platinum are well-recognized down payment organizations.
Down payment assistance may seem too good to be true for a home buyer who is in desperate need for money. However it’s a very smart business proposition one that involves the seller, the home buyer and a third party that in this case is a non-profit organization.
There are several advantages following Free down payment program to the buyer. The buyer can buy a home even if she doesn’t have money for down payment and she doesn’t have to pay back this fund. The seller will attract a lot of number of buyers for his home under this program. The seller doesn’t have to lower the sale price of his home and typically gets a tax deduction which he will utilize to offset the capital gains tax he has to pay for the sold property. This program is profitable for all parties involved.