Goran and Nada went this route when they wanted to buy a home but didn’t have much of a down payment. The community they lived in had a program that would pay up to $4,000 to help first-time homebuyers in targeted areas. If the buyers lived in the home for five years, the loan was forgiven.
The real estate market in the area Goran and Nada were interested in had a good supply of homes to choose from. They found one they liked and made an offer with the sellers paying $2,600 of the buyers’ closing costs, an offer the sellers eagerly accepted because their new home was just about completed. The possibility of having to make double house payments is usually a good seller motivator. With a $2,600 seller concession added to the $4,000 community grant, the buyers had $4,600 and needed only $720 of their own money to close.
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