When you pay your monthly rent, you might often wish your money was going towards your future. However, for many aspiring first-time home buyers, the down payment required for homeownership seems impossible. But climbing the "down payment mountain" is not an unattainable goal. Like any significant challenge, it's about breaking down your daunting goal into smaller, practical steps.
Get $6,500 in Down Payment Assistance
Down Payment Assistance for Eligible First-Time Homebuyers
The Cross Country Mortgage Community Promise program (CCM) offers down payment assistance to eligible first-time homebuyers living in qualifying neighborhoods in select cities. Here are the basic eligibility requirements for the CCM Community Promise down payment assistance:
- At least one borrower must be a first-time homebuyer
- Primary residences only
- 3% minimum down payment
- No income limits
- Live in an eligible census tract
- Homeownership education (if all borrowers are first-time homebuyers)
- Eligibility information is available from a CrossCountry Mortgage loan officer.
Find out if you are eligible for a CCM Community Promise program. If you are, it's a $6,500 boost toward home ownership. Read More
Looking to save up for a down payment? Here are five tips to help you get started:
1. Track your spending for a month or two to get an idea of where you spend your money.
2. Determine how much you need to save and set a timeline to reach that goal.
3. Consider making significant changes like downsizing your apartment or reducing the number of cars you own to save more money.
4. Open a savings account to keep your down payment money separate from your regular checking or savings account.
5. Be cautious when investing your money, especially in high-risk investments like stocks or startups. It's better to be conservative and protect your savings.
Knowing how much home you want to buy is essential when saving up for your down payment. I'm happy to give you an idea of what homes are selling for in your area. Feel free to get in touch any time if you have questions.
Eric Slifkin, Team Lead
Your local real estate expert
Are you seeking a home that suits your lifestyle, community, and neighborhood needs? With his team, Eric offers home buyers a turnkey approach to finding and purchasing real estate from the Treasure Coast to the Palm Beaches and beyond.
Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.