Whether it is buying a car, or getting a personal loan, most people don’t get the best deals available. Whether it is a lack of knowing how to negotiate, or dealing with a time crunch, circumstances crop up that keep people from getting the best deals. This goes all the way to homeownership. When you are looking at housing, always keep shopping for assistance to buy your home. You may know about FHA, VA, and a few other national programs, but the search doesn’t stop there. Continue on down to your state and county level programs, and there are some great programs out there.
State level Programs are your First Starting Point
Pretty much every state has grants, or assistance on getting a loan. If you go to the state of Missouri for example, there is a cash assistance payment that, if you are eligible, will give you a 4 percent grant of the loan amount you can use for the down payment. (The state calls it the First Place program). If this program saves you $10,000, the opportunity cost is enormous. If you invested that money in a company like Disney, and you held it for 30 years, you would have almost $229,000. Talk about having your cake and eating it too.
Always keep Shopping, Even at the Local Levels
These types of programs extend all the way down to the local and county level. In El Paso County, Colorado, there is a program called the turnkey mortgage origination program. The program is a fixed loan with a grant of 4 percent of the mortgage amount. Elsewhere in the state of Colorado is the boulder county down payment assistance program. This program is a loan with a low interest rate to help lower income families with loan affordability.
When you are looking at buying something in life, always keep shopping. There are some real diamonds in the rough that can help you save a lot of money. The key to this, is that you start early enough. Don’t let a time crunch force you into a substandard deal. The opportunity cost on some of these deals is hundreds of thousands, and in some cases millions of dollars.