Sell your home
Sell your home and truck at a fraction of the price. Move into a house you can live in and do better than before. Selling your Long Island home for cash is possible.
Value added programs can be added to any investment property to provide additional income during the downsizing process. Sometimes they can even help get the house into a better condition than you already have it in. But many of them are a waste of money and time. If you plan to do extensive downsizing, though, you may want to put these value added programs to good use.
Most federal funds only provide 100% reimbursement of costs for down payment assistance, while the portion of fees paid by the purchaser is deductible by the seller, but not the buyer. The FHA requires a loan eligibility application for all most part of the purchase and marketing phase. You should ask for a copy of the application, as well as loan terms and fees, to determine if you can qualify. For qualified applicants, the federal government will pay at least 70% of down payment costs, with the balance, if the applicant submits an acceptable loan application and provides FHA funding for 90% of its funding.
The federal mortgage insurance (MIP) requirements for those downsizing plans that require payments are very similar to the FHA’s. For a loan that is qualifying and will use FHA funds, down payment assistance can be reduced by up to 50% of the purchase price.
Special downsizing assistance programs
You may be eligible for federal home loan money under the Home Affordable Modification program (HAMP). An approved application will allow you to reduce your down payment and home value by up to 30%. Other special modifications for all buyers include that an FHA-approved loan will be qualified. Again, there are many homes available, however, if you are looking for a home in your resale, most likely you’ll be offered a loan. If your down payment is less than 25%, you may qualify for special program and grant funding by the FHA. The second modified Down Payment in Principal Cash Buyback Program (DDPBC) is another program that will help to reduce a down payment and potentially improve your property value. The Down Payment For Sixty Percent Program (DDPP) also has a 30% down payment cap, but allows for smaller down payment applications. This program was designed to help qualifying buyers who cannot afford a substantial down payment but would be open to down payment assistance under certain circumstances.
Interest rates can drop and up, so you should be on the lookout for monthly payment and mortgage payment reduction options to make your mortgage payment more affordable. The more you can cut your mortgage payment down, the less you are charged, which can make the difference between a good and great mortgage payment.