Do you really need 20 percent down on that home? Maybe notor maybe you can get help

You want a new home. You can make the budget work. Maybe you’ve even been approved for a mortgage BUT you don’t have 20 percent ready for a down payment. All is not lost! House Logic recently ran an article with a few options that might help you get that 20 percent. Here are their suggestions…

Crowdsource Your Dream Home
Use sites like Feather the Nest and Hatch My House to raise your down payment. Hatch My House says it’s helped Americans raise more than $2 million for down payments.

Ask the Seller to Help (Really!)
When sellers want to a get a deal done quickly, they might be willing to assist buyers with the closing costs. Fewer closing costs = more money you can apply toward your deposit.

Look into Government Options
The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. These are typically available for people who meet particular income or location requirements. HUD has a list of links by state that direct you to the appropriate page for information about your state.

Check with Your Employer
Ask the human resources or benefits personnel at your employer if the company is part of an EAH program.

Take Advantage of Special Lender Programs
Finally, many lenders offer programs to help people buy a home with a small down payment. “I would say that the biggest misconception [of homebuying] is that you need 20% for the down payment of a house,” says Rodriguez. “There are a lot of programs out there that need a total of 3% or 3.5% down.” “Check with your regional bank,” Rodriguez says. “Maybe they have their own first-time buyer program.”

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