have really started to take advantage of this program. the program is great for people who have possibly been paying $3,000 or more a month in rent who just haven’t been able to save enough for a down payment. even if someone does have enough to cover the down payment, sometimes they can forget about the closing costs which can be an additional 2.5 – 3%.
as an example, to purchase a $350,000 house, 20% down would be $70,000. that might not be realistic. so, suppose someone only has $35,000 to put down. that’s 10% down. but then maybe they don’t have money for closing costs. you can then take that 