Neighbor News
Many Options Exist for First Time Home Buyers Down Payment Assistance
Anian Tunney Piedmont, CA Real Estate Agent Broker Associate shares information on down payment assistance resources.
A common belief is that when buying a home a twenty percent down payment is required. This is not necessarily true, especially for first time home buyers. There are many programs available to reduce this amount substantially, making it much easier to make the leap from renting to homeownership.
The options include special lender programs, government programs, crowdsourcing, negotiating with the seller, regional programs and employer programs.
When negotiating the sale, ask the seller to make concessions in the closing costs; that is, ask the seller to pay some of the closing costs. This will give the buyer more money for the down payment.
Find out what's happening in Piedmontfor free with the latest updates from Patch.
There are many government options available. The US Department of Housing and Urban Development (HUD) has a list of links by state where you can find more information. http://portal.hud.gov/hudporta...
Some of these government programs are based on profession, such as law enforcement, fire protection, teaching and EMT. There is a program called “Good Neighbor Next Door Sales Program” which offers a 50 percent discount if the property is in a HUD designated revitalization area.
Find out what's happening in Piedmontfor free with the latest updates from Patch.
For veterans, the Veterans Administration will guarantee part of a home loan given by the lender. This can mean no down payment or mortgage insurance, plus access to competitive interest rates.
Crowdsourcing is another option. Two available websites which help first-time buyers raise the money for the down payment are “Feather the Nest” and “Hatch My House.” The way it works is tell your friends and family that instead of buying you housewarming gifts, go to these sites and make a donation, which accept major credit cards.
Some of the special lender programs available include FHA mortgages, which require only three to three point five percent downpayments. However, the downside to this is the need for mortgage insurance, which could cost as much as $300 per month. If the value of your home goes up rapidly, you may be able to refinance in a couple of years and eliminate the need for mortgage insurance.
And finally, some cities and employers offer regional support for first time home buyers. The city of Hartford in Connecticut has a plan called HouseHartford that provides financial assistance to low income families. In St. Louis Missouri, Washington University offers forgivable loans to qualified employees who buy in specific neighborhoods. In Pennsylvania there is an Employer Assisted Housing program (EAH) to assist with down payment loans.
About Anian Tunney
Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2014 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. In 2014 she was The Grubb Company company-wide top producer. Additionally, Tunney has been number 1 in yearly real estate sales for The Grubb Company’s Piedmont office for the last 8 years. Anian was also ranked 129th in the Nation by REAL Trends the Thousand in July 2015. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.
A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.
Anian’s current listings include 117 Sheridan Avenue, Piedmont, and 395 Hampton Road, Piedmont.
Contact Information
Anian Tunney
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney(at)grubbco(dot)com
aniantunney.com
aniantunney.com/blog