Two weeks ago I helped a buyer close on her first home. It was an amazing two bedroom, two bathroom condo near Cowles Mountain/Mission Trails regional park in San Diego. As a single mom with a 2 year old son, she wanted to provide the stability that owning a home can do.
She is #househacking by renting the second bedroom to her best friend and was able to cut her mortgage in half. Here's where the story gets good.
Last year she was told by a real estate agent to "come back when she has more money." She had given up her dream of owning a home in San Diego. I couldn't believe it. I was so grateful that someone I know referred her to me. My friend told her that I was an expert in down payment and financial assistance programs and it would be worth talking with me before giving up.
After meeting with her, I was determined to help her find a home. She had worked incredibly hard to get the down payment funds together, she just needed a little help with closing costs. This is really common and I get it! I personally saved every penny I could for 3 years to buy my own condo! It's not easy, especially in Southern California.
I connected the buyer with a top lender who specializes in down payment and closing costs assistance. We worked really hard to get her credit up over 2 months, which allowed her to use a FHA loan (3.5% down) and she qualified for 3% down payment assistance - FREE Money! Note, she is not low income - assistance programs are not just for lower income individuals and families! There are dozens of programs available.
I negotiated a seller's credit to help even more with various closing costs and worked hand in hand with her and her lender to ensure we could close on her ideal home. Yes, it took a little more work for me and the lender, but it was worth it! The buyer was thrilled to put the key in the door for her first home and provide stability and not worry about rising rent ever again.
So why don't more lenders and agents talk about these programs and instead tell buyers to come back when they have more money? Often it is because they simply don't know about the programs. Sometimes it is because it takes a little extra work for the lender agent. It takes time to research and find the right program for a buyer. This is why it is essential to know that Who You Work With Matters - in the form of tens of thousands of FREE money available for you.
Want to know if you qualify for free money? Reach out and I'll find out for you! Do not let down payment or closing costs keep you from purchasing a home this year.