Check for local, state, and national down payment assistance programs.

You don’t have to kill yourself saving every penny for your dream home in Arlington. You can simply check to see if you qualify for a loan or grant in either of these local, state and national down payment assistance programs. With these programs, you may be able to cover all or part of the required down payment for your home in Arlington. National programs include the Nehemiah program, Getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development.

Consider seller financing.

There are cases when the sellers may be willing to finance all or part of the purchase price of your Arlington home and let you repay them gradually, just like you would do with a mortgage. Another similar option is the assumable mortgage. In this case, you as the Arlington home buyer takes over the seller’s existing loan (with bank approval). This option is especially helpful when the interest rates are on the rise.

Ask help from your family.

You don’t have to do this alone. By involving your family in your decision to own a home in Arlington, a family member may loan you money for the down payment or act as a cosigner for the mortgage. Lenders will often ask for a cosigner if you have a minimal credit history.

Through shared-appreciation or shared-equity arrangement.

This is another creative way to finance your home in Arlington. Under this agreement, your family, friends, or even another third party can buy a portion of the Arlington home as an investment.  When you eventually sell the Arlington home, they will share in any appreciation gained. You, as the Arlington owner-occupant, will, however, be responsible for paying the mortgage, property taxes, and maintenance costs, though all the investors’ names will be on the mortgage.

Lease the Arlington home with the option to buy.

If you still don’t have enough money for the downpayment of your dream home in Arlington, you can opt to rent the home for a year or more. This will give you enough time to save more toward your down payment for your home in Arlington. And in many cases, the owners will apply some of the rental amounts toward the purchase price.

Consider a short-term second mortgage.

If you qualify for a short-term second mortgage, you can take it to make a larger down payment for your home in Arlington. This may be possible if you have a good financial standing with a strong income and little debt. Arrangements like these may also help you avoid jumbo loan restrictions and/or minimize the amount of private mortgage insurance you have to pay for your home in Arlington.

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