6 other ways to afford a home
1. Investigate local, state, and national down payment assistance programs.
These programs give qualified applicants loans or grants to cover all or part of
your required down payment.

2. Explore seller financing. In some cases, sellers may be willing to finance all or
part of the purchase price of the home and let you repay them gradually, just as
you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this
arrangement, your family, friends, or even a third-party may buy a portion of the
home and share in any appreciation when the home is sold. The owner/occupant
usually pays the mortgage, property taxes, and maintenance costs, but all the
investors' names are usually on the mortgage. Companies are available that can
help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the
down payment or act as a co-signer for the mortgage. Lenders often like to have a
co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you
the chance to save more toward your down payment. And in many cases, owners
will apply some of the rental amount toward the purchase price. You usually have
to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term
second mortgage, this would give you money to make a larger down payment.
This may be possible if you’re in good financial standing, with a strong income
and little other debt.

It is best to talk to one of our
preferred lenders to find the best home financing
strategy for you.


Reprinted from REALTOR® magazine with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
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