The moment when he asked you to marry him you had no idea how involved this would be: the tastings, choosing the perfect dress, where to hold the reception, the license, invitations, the money, the stress, the fun, the memories. Now that it’s all over, what’s next? Kids? Not yet! Buying a house? Maybe.
Approximately two thirds of engaged or newly married couples are renters who plan on buying a home within the next couple of years. Many of these buyers find their biggest hurdle to homeownership to be saving enough money for a down payment and closing costs. Here are a couple of ideas:
• Register at www.newspousenewhouse.com – this is a secure wedding registry that gives soon to be married couples the ability to put a down payment on a home, instead of the typical Gift Registry items.
• A second idea, if you are in a lower income range, you may be able to quality for a grant from the government. The grant is free money towards your down payment that you never have to pay back. Lastly, another idea that is available to any borrower, whether low income or not, is a non-profit charity gift in accordance with HUD and FHA rules. The way this works is the seller donates X dollars to the charity. Then, the charity donates X dollars toward your down payment. The key with this type of down payment assistance is to have a seller, lender, and Real Estate Agent who are all well versed with this sort of transaction.
This great tip was brought to you by Corliss Realty located in beautiful Orange County For more great realty tips telephone Danielle or Jim at 949.888.2676!