I'm happy to say that some options still exist to make homeownership possible for buyers with limited credit and savings, including teachers, firefighters, and members of the military. Some come from federally insured programs such as Fannie Mae and Freddie Mac and are available through cooperating lenders. A few even allow 105 percent financing to cover closing costs. Freddie Mac says such loans actually have lower delinquency rates because borrowers are required to complete homeownership education.
Another source to check out is a non-profit group known as Nehemiah Corporation. Here are two websites with pertinent information: http://www.nehemiahcorp.org/ and http://www.getdownpayment.com/ Give me a call if you have any questions. 206-708-9800
Single adults face unique challenges when buying and selling a home. I know because I've done it myself, & a significant portion of my clients are single. This blog provides news & information you need to help you achieve your real estate goals. Alice Kuder, REALTOR®, Green. Prudential Northwest Realty Associates, Seattle, WA
1 comment:
Thanks for posting this Alice. There are many desperate people out there who need these kind of loans to help them buy their own home. But of course, people need to plan out their finances better before taking on these debts. If you can't realistically afford it..don't do it.
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