Down Payment Assistance For First Time Home Buyers *My Personal Experience*
ฝัง
- เผยแพร่เมื่อ 28 ก.ค. 2021
- Is down payment assistance worth using when buying a home? If you have a small amount of savings, you may be wondering whether a low down payment option like an FHA loan or a no down payment loan would be better for you. There are pros and cons of both no and low down payment loans especially for first time home buyers. In this video, you will learn whether down payment assistance could be good for your home purchase. Nicole shares her honest advice on how to determine whether you should buy a house with down payment assistance or not based off of her real life experiences working with home buyers!
Plan your move by contacting Nicole:
Contact Form: narkhomes.com/contact/
NicoleNarkRealtor@gmail.com
View Arkansas Homes: narkhomes.com
Follow my journey as a Little Rock Realtor here:
/ nicolenark
---
Looking to Buy or Sell a home in Arkansas? Check out:
My First Time Home Buyer Guide: narkhomes.com/arkansas-first-...
Search Little Rock Homes For Sale : narkhomes.com/little-rock-hom...
Get a Free Home Valuation: listings.narkhomes.com/idx/ho...
---
Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.
I believe that home ownership lays the foundation for a life of financial security and freedom.
From building equity in a home, to the tax benefits it provides, buying a home is the most important financial decision most people make during their life. For this reason it is important to work with a professional who is committed to act as an advocate for you and your best interests.
Learn more about me and the services I provide here:
narkhomes.com/little-rock-rea...
--
Follow Me Online Here:
Facebook: / nicolenarkrealtor
Instagram: / nicolenark
LinkedIn: / nicolenark
Active Rain: activerain.com/profile/nicole...
Twitter: / narkhomes
Realtor.com: www.realtor.com/realestateage...
My Website: narkhomes.com/
It's possible to use a down payment assistance grant (one without penalties) and use any left over funds from the grant to put towards lowering your out of pocket total for closing costs.
Sometimes, yes! It really depends on how the specific DPA you are using is structured and what they allow!
I'm sorry but Nichole you have the most beautiful smile and the sweetest voice I could watch your videos all day lol but on a serious note thank you for all you do alot of people don't know how much you have to study and research the correct info and bring it to us so thank you so much for all you do your amazing.
😊 thank you so much for your kind words Sean! I appreciate you taking the time to watch my videos and am happy to hear they are beneficial!
Thank you so much Nicole. You are extremly informatiove and inspiring. Thank you.
Thank you so much for continuing to share. It really does help understanding this crazy market. Stay safe.
Happy to help! 💕
Thank you so much for being transparent! Really helps!!
You're so welcome! Happy to help! Thanks for watching 😊
Nicole, I appreciate your candor and your passion to assist those of us who are in need of guidance. You’re personable, witty, and intelligent. Thanks for your videos and efforts.
I still live in a starter home 12 years later. I’ve completely outgrown my space in my 950sf condo! How do I upgrade into a bigger space.
Thanks so much again for your passion for sharing your wealth of knowledge with the world!!!!!
Hey friend! Thanks for the information- we needed to hear it!
Excellent info! I’m learning so much from you... thank you!
You are so welcome! Happy to help 💕
You are awesome! Thanks for the tips !
Thanks a lot Nicole for the great information as always
Absolutely, I’m so happy to provide it. Thank you for watching ☺️
Thank you for sharing! I’m currently saving for my first home purchase and this is all great insight.
You've got this! 🎉🏠
@@NicoleNark thank you 😭
First of all thank u for what u r doing, I appreciate the info.
Absolutely! 💕
This was very eye opening information! Thank you for sharing!
Thank you so much for watching!
This was very helpful as I was just considering getting a down payment assistance loan
Great video! Thanks so much.
Thanks for watching!
Nicole, thank you so much for making these informative videos for us first-time home buyers. My family and I are in discussions of taking that step. Your videos helped me clarify a lot of questions that I had and even spoke on some things I didn't know to have, lol. I feel very comfortable in weighing the balance for our steps going forward as I watch more and more of your videos. Again, thank you very much.
P. S. Yes, we're considering the DPA program.
You are so welcome! I am so happy to hear that my videos have been helpful to you 😊
Aloha Nicole, your story is very inspiring, educational, and very powerful information that sometimes other agents does not tell you, im so great full that I ran into your videos- long time ago and keep watching the update on real state! Keep up the great work and hope someday will meet you in person , look me up when u come to paradise, Mahalos and keep the vid coming.
Stay safe as always! ❤
Thank you for sharing your experience. I'm single and trying to save for my first home. Watching this felt like you were cheering me on! I really find your videos helpful and down to earth as far as your advice and information
I am cheering you on Paula! 🎉🏠 Consider me your home ownership cheerleader! Thanks for watching. You've got this!
DPA and no dowmpayment loan are not the same thing!
We were considering a down payment program because we only have 14k and want a 250k house.
Your videos are amazing! Thank you for all of your knowledge. Would love to use a program but we don’t qualify due to income. See you in the next one!
You are so welcome, Shawnda!
Can you please link me to a lender in Vegas that will help me be qualified for a DPA?
I stumbled on you some months ago and I have not regretted it. I am hoping to buy a house very soon but everyone is saying the prices are way too high. Hopefully there will be changes soon
Thanks for watching! I am so happy that my videos have been helpful! The market has shown signs of slowing down recently so we will see what happens!
So are you saying using DPA would depreciate the value of the home?
Nicole, if i were to buy a build to own home, what would you recommend when it come to the loan? Should i use FHA OR USDA?
If you are not planning on selling is it ok to use the down payment assistance
love your inspiration ..Just wondering are there some grants in jersey for first time home buyers i am looking but dont know where to turn first.
I followed with you as focused as I could, my take is that not using DPA would build more equity through the years.... 🤔🤔🤔
Thanks Nicole, as always a great video.
That's correct, Kamal! More down payment = quicker equity building!
@@NicoleNark
Thanks a lot for the follow-ups 🌹
The dramatic music gets me everytime!🤣
Keep up the great work. 😊
Thanks Marquita! 😅 I laugh when I watch it too!
Saving up is better. Just takes more time…Rent will eat up your down payment though.
I have a question? If on Disability or just Retired, are there assistance programs
and
if I am one of those I just mentioned- am I able to buy a home to accommodate my handy cap the home owner of the home i am renting will not accommodate me?
Several months ago I bid on a house and the price was $115,000. 2b/1bath. But it needed EVERYTHING. They still had fuse boxes. Needed new roof, water heater, Furnace, AC, garage, couple new windows and some water damage fixed. I won the bid on the home but backed out because I realized the reality of this house was going to take every penny to live in. I wish I had DPA at that time. I really need help with closing costs.
Nicole I’m not sure how long that you have been doing this but,you never cease to Amaze me. I love the knowledge and experience that you share with us all!!!!
Thank you so much for your kind words, Eugene! I love making these videos to help make the real estate world a bit more transparent! 😊
Can you use the DPA program plus a down payment ??
Do you mean like use a DPA to cover a portion of the down payment?
@@NicoleNark yes. Use the DPA program money plus your owe money
@@NicoleNark do you need to pay DPA back to the lender ? How that works ?
very cute and dramatic @Nicole Nark. your videos are very informative. Any insights on 0 down vs grant ?
Hello, do you know how to apply for the $25,000 down payment
Hello! I wanted to ask this because I couldn’t get an answer on the Internet, so before I got to the process of being approved of a new build house back in November 2020 a friend of mine borrowed about $3,000 from me told me he would give it back whenever but we forgot about it until About April 2021 the friend that borrowed it Said he would give it back to us to use for our down payment, is that okay? I’ve only heard of Not borrowing from someone , but since he’s giving it back is it okay to use for a down payment
Very nice
Is dpa still a good idea if you're not planning of selling your house.
It can be! As long as you stay in your home long enough to build up equity!
When I was househunting, I was led to believe that there were literally hundreds of programs to help me, a very low-income first-time buyer with good credit, but, have been disappointed. My national lender doesn't have a grant program in NY state, and most other funding opportunities there are only available paired with mortgage products from certain banks. A few programs are either very limited, thus very competitive, or are in stasis waiting for Federal go-ahead or some such. I'm using a Conv 97, so, my down payment is low, but, it's a struggle.
would love to talk to you ... I too am starting to get into that mind set of a first time home buyer and seeing what your saying that there arent many programs or grants now i am wondering if i could even get a chance at first time home buying from jersey here ...any info would be great! i really hope you did get the house... very nervous lol i know its a probably a stressful process
what about the usda loan??
So is it better option not to go to down payment assistance if you can put down for yourself ? Is there any drawbacks or hidden charges for doing it ? There is always some catch. I heard Bank of America is doing
There can be drawbacks to using down payment assistance. In some cases, you may have a higher interest rate for you loan. There could also be upfront fees. It is always important to compare the options and figure out what would be best for you.
What if you waited over 5 year with a no down-payment assistance. What would be the outcome if you want to sell?....
The longer you stay in your home the better off you will be! It will allow you to build up more equity in the house!
@@NicoleNark ok thanks
Hey Nicole, do you think a person who works but has no pay subs or a form to provide the bank or lender with employment verification can still be approved for a loan?
It depends on the situation! Do you get paid in cash or work for yourself?
That’s a good question. Hello, Nicole! Can someone who get paid cash buy a home??
Every broker that I've talked to say they do not do the down payment assistance? So they're throwing me into an FHA loan although it's hard to find a house right now and yes I'm still saving!
Not all lenders work with down payment assistance! I am happy to help you find a lender in your area that might be able to help if you let me know where you are interested in buying!
@@NicoleNark thank you
@@NicoleNark can you help me find a lender in south Florida that accepts it ?
@@Spiritanimal93 I am in New Jersey do u know anyone???
@@debbieb4668 do u know a lender in New jersey?
thats cool how you were able to buy with 6k down..
I failed to close a 155k townhome with 35k down(total) because I own a business and self employed. after the lender beating around the bush for 2 months things just went to $hit town and lost the property
I hate that you were not able to close! There are definitely extra hoops that you have to jump through a self employed individual and it's very tricky.
@@NicoleNark yeah they treated me like some kind of criminal for "not going to work outside" lol..been paying $1800 rent for a year no problem but somehow they thought I cant manage to make $1200/month payment. that was gonna be my monthly payment with hoa/taxes/mortage etc..
perhaps next lender will actually close if I ever manage to find a place I like
Hello Nicole I want to thank you also for the informed videos. Between you and another TH-cam I am watching, I feel equipped about being a first time homebuyers.
My question for you is: as real estate agent, would it be more feasible to save/or get a down payment assistance for example let's say for a townhouse vs a home?
I thank you for giving people the tools to make informed decisions 😊😎
Hi Dominique! That is a great question. I don't think that whether you buy a townhouse or a home really matters. I think what is most important is figuring out what you can afford and which will hold it's value better over time!
Take my money
also, the $300. per month (if saved) would be $3,600 annually or, $10,800.00 you (made/gained/profited) in 3 years. Add that to your individual or person situation as explained, and you came out considerably more profitable. Fantastic video, love your stuff!
Do fha loans have higher interest rates?
When using down payment assistance tdoes this affect the interest rate on your loan?
It is hard to generalize but typically, yes! You will have a higher interest rate with both low and no down payment loans
@@NicoleNark thank you your very helpful..
Buyers are getting $25K? On the front end?! Jack up the price!!!
Can you please link me to a lender in Vegas that will help me be qualified for a DPA?
Any dpa lenders in Nj?