You really can buy a home with much less out of pocket than you think. Most cities have programs for first-time buyers that assist with downpayments. Some offer incentives for teachers, first responders and medical professionals to relocate into their town. Often the State where you’re located has programs to assist low and moderate income families realize the American dream.
You may be able to get your lender to help with your closing costs. Many lenders will assist with the closing costs if your loan fits within the parameters. Even though this is an option it’s always better if you can save up.
There is also the possibility of getting a close relative to provide you with a gift. Gifts can be used as part of your downpayment and/or closing cost. Talk to your lender to figure out what their requirements are for using gifts from family members. Usually the lender provides a letter for the gifter to sign stating that it's a gift for you to use and they must also provide a bank statement showing that the money was in their account.
Federal Employees are able to use their TSP to get help with the downpayment. This is an option even if you have already drawn money from your account and are already paying back one loan.
Even though it isn’t guaranteed, your realtor should negotiate with the seller to get closing costs assistance or seller concession.
There are many important issues that you should be aware of that affect you as a renter. There is no reason why you should continue throwing money away and lining the pockets of a landlord.
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