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Top Secret Ways to Afford a Home

Top Secret Ways to Afford a Home

Top Secret Ways to Afford a Home

Okay, shhhh don’t tell anybody but listed below are six “top secret” ways to afford the home of your dreams. Not too many people know about these options (that’s why they are secret) So, consider yourself a proud ELITE member of and keep these secrets between us and the computer screen.

Top Secret #1

Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program ( and the American Dream Downpayment Fund from the U.S. Department of Housing and Urban Development (

Top Secret #2

Get the seller to provide 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 do a mortgage.

Top Secret #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 thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and all maintenance costs, but all investors’ names are usually on the mortgage. There are companies that can help you find such an investor if your family can’t participate.

Top Secret #4

Get help from your family. Perhaps a family member will loan you money for the downpayment and/or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have little credit history

Top Secret #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 downpayment. 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.

Top Secret #6

See if you can qualify for a short-term second mortgage to give you the money to make a higher downpayment. This may be possible if you have a good income and little other debt.

Okay well I have to admit that some of them are well known but in truth it just made writing the article a lot less boring! You have to admit that most of you didn’t know any or only 1 or 2 options. So be sure to e-mail this to anyone who would benefit from it. Hell, print it out and hand it out on the street corner near your local bank! The world is your oyster.

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