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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>6   Creative Ways</strong><strong> to Afford a Home</strong></h3>
<p><br /> <strong>1. Investigate local, state, and national down payment assistance programs.</strong> These programs give qualified applicants loans or grants to cover all  or part of your required down payment. National programs include the  Nehemiah program, <a href="http://www.getdownpayment.com/">www.getdownpayment.com</a>, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, <a href="http://www.hud.gov/">www.hud.gov</a>.</p>
<p><br /> <strong>2. Explore seller financing. </strong>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 would do with a  mortgage.<br /> <br /> <strong>3. Consider a shared-appreciation or shared-equity arrangement.</strong> Under this arrangement, your family, friends, or even a third-party may  buy a portion of the home and share in any appreciation when the home  is sold. The owner/occupant usually pays the mortgage, property taxes,  and maintenance costs, but all the investors' names are usually on the  mortgage. Companies are available that can help you find such an  investor, if your family can’t participate. <br /> <br /> <strong>4. Ask your family for help.</strong> Perhaps a family member will loan you money for the down payment or act  as a co-signer for the mortgage. Lenders often like to have a co-signer  if you have little credit history. <br /> <br /> <strong>5. Lease with the option to buy.</strong> Renting the home for a year or more will give you the chance to save  more toward your down payment. 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.<br /> <br /> <strong>6. Consider a short-term second mortgage. </strong>If  you can qualify for a short-term second mortgage, this would give you  money to make a larger down payment. This may be possible if you’re in  good financial standing, with a strong income and little other debt.</p>
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