Home Buying in Coastal Georgia: How to get down payment help

It's no secret that the mortgage process can feel like a roller coaster. A recent study by Fannie Mae found that many folks are less than confident when it comes to securing a home loan. But don’t worry, I’m here to make it easier for you.

Why the Hesitation?

With home prices in the greater Savannah area climbing significantly since 2020 and mortgage rates following suit, it’s no wonder people are a bit cautious. However, homeownership remains a top priority for many, and for good reason—it’s a solid long-term investment.

Let’s dive into some common challenges and explore the resources available to make your homebuying journey smoother.

The Big Three Challenges

Fannie Mae’s study highlights three main hurdles:

1. Lack of Confidence: Less than half of consumers feel confident about navigating the mortgage process. This drops to 38% for active home shoppers.

2. Overestimating Down Payments: A whopping 90% of consumers either overestimate or don’t know the minimum down payment required.

3. Misestimating Credit Scores: Only 32% of folks know the minimum credit score needed (FYI, it’s 620 for a typical mortgage).

Additionally, only 32% are familiar with low down-payment programs, and just 40% know about mortgage counseling services.

But fear not! Let’s break down some valuable resources right here in Savannah.

Mortgage Resources

Homebuyer Advantage Program

I’m excited to introduce our Homebuyer Advantage Program, designed to make your dream of homeownership a reality with a little extra help. Through this program, you can receive 5% of your purchase price in assistance funds. Here’s the best part:

• No First-Time Buyer Requirements
• No Income Caps
• No Zoning Requirements
• 620+ Credit Score Required

These funds can be used for down payment, closing costs, rate buy down, or any combination of the three. To get started and take advantage of this fantastic opportunity, click here to get more details.

Low Down Payment Assistance Programs

Think you need 20% down? Think again! You can get started with as little as 0-3% down. Here are some local programs to help you out:

Georgia Dream Homeownership Program: Offers down payment assistance to first-time homebuyers and others who meet eligibility criteria.

City of Savannah Housing Services Department: Local program offering aid to eligible homebuyers.

Ask us to introduce you to a lender specialist with these programs to explore these options in detail.

Mortgage Counseling Services

Preparing your finances and understanding the costs of homeownership is crucial. Here are some helpful resources:

• Freddie Mac Borrower Help Centers: Find local assistance here.
• HUD Housing Counseling Agencies: Locate participating agencies in Georgia here.

Professional Lenders

Reading about these programs is great, but talking to a pro can make all the difference. I recommend connecting with a trusted mortgage lender to get personalized advice. If you need a list of vetted lenders, send us a message and I’ll send it your way.

The Bottom Line

Knowledge and preparation are your best allies in the homebuying process. With the right support, you can turn your dream of homeownership into a reality. So, take a deep breath, arm yourself with information, and let’s get you into that dream home!

Stay tuned for more tips and resources to help you navigate the Savannah real estate market with confidence. Want to know if you qualify? Call/Text us at (912) 208-0511!