When it comes time to buy a home, you may need to strap on your thinking cap to come up with some creative ways to boost affordability. This can come in the form of assistance programs, special financing, leasing, and mortgage ideas.
Let's take a moment to explore a few of these options.
The first order of business could be to sit down with your family to see what assistance they'd be happy to offer. You may find that a father or grandmother would be more than happy to co-sign on a loan, or even offer you a loan at low, or zero, percent interest. You could also discuss a shared-appreciation or shared-equity arrangement. This is when a family member buys a portion of the prospective home, and then are able to share in its appreciative value when it is sold.
Courtesy of Realty Times, Assistance for buyers
Carla L. Davis June 07 2010