BLOGBlog posted On April 10, 2025
Contemplating homeownership but running into affordability barriers? If you’re looking for supplemental ways to fund your future home purchase, we have a few suggestions. We’re here to help enhance the typical methods of mortgage financing. Down payment assistance programs, family gifts, employee benefits, and more could hold the key to your future as a homeowner. Ready to embark on your next great adventure?
Affordable Housing Programs
Between low down payment programs, 100% financing, and government loans, affordable housing options are available to you and your family if you qualify.
Family & Community Gifting
Tax-free gifts are often permitted by mortgage lenders. We offer our very own down payment gifting platform, HomeFundIt™, where members of your family and community can donate funds to offset your down payment and closing costs.
HomeFundIt
*Grant is a $2-to-$1 match on regular down payment gifts received on HomeFundIt™, up to the lesser of $2,000 or 1% of purchase price for first-time buyers, as defined by Fannie Mae, who complete home buyer education prior to signing a purchase contract. Talk to your loan officer or visit your HomeFundIt dashboard for next steps, or you can also find a housing counselor near you by visiting https://www.hud.gov/counseling.
Grant funds are applied to nonrecurring closing costs. If closing costs are fully paid by seller or interested party, grant funds can be used to buy down the rate. Grant funds cannot be used towards a down payment. Visit https://www.homefundit.com/Grant for complete terms and conditions.
2-1 Temporary Buydowns
Another type of alternative mortgage financing, a 2-1 temporary buydown offers a reduced payment for the first two years of the loan. Payment will be based on a rate 1% higher annually, until at the original fixed mortgage payment. This option is frequently offered by either the borrower or home seller as a way of paying additional money upfront to lower the monthly payment for those first two years. It’s also a way to help pull in more interest for a property.
Employer Benefits
It’s true that some employers can offer homeownership benefits to their employees, understanding that this can provide overall financial well-being and stability for their workers. Some offer home buyer education and counseling services as well as credit counseling. Your company may be partnered with a local bank, lender, or a real estate agency, providing special help in the house-hunting process. It doesn’t hurt to check with your employer to see if they offer any homeownership-related benefits and services!
Selling Assets
Need an excuse to sell your old bike, boat, or car? This can help two-fold since it’ll push you to go through and get rid of old, unused possessions and not have to drag them to a new house when you finally close on a property. For smaller items, go through old clothes, secondhand electronics, collectibles items like vintage cards and comic books, jewelry you don’t wear, and antique furniture inherited from deceased relatives. You never know, you might be unknowingly sitting on a dragon’s hoard of gold! Metaphorically speaking, of course.
Specialized Loan Programs for Eligible Occupations
There are many housing assistance programs for specialty jobs, including medical workers, first responders, and more. We have numerous loan options tailored to specific lifestyles and situations. We’re happy to help you find the right fit!
MedPro Advantage
MedPro offers down payment assistance for those in medical fields, like licensed medical professionals, residents, interns, fellows, and physician assistants.
FRESH
With extra home loan savings for heroes, including waived fees for the credit report and $250 off the appraisal*, the First Responder’s Extra Savings for Heroes (FRESH) program was created with the below professions in mind:
*Borrower will be credited these costs via a lender credit in the amount of these costs at closing. Loan must close and fund to receive these credits. This program is only available for Conventional, FHA, VA, Jumbo, and USDA fixed rate loan programs.
Which Option is Right for You?
After evaluating the above methods, do you have a clearer idea of your home loan financing options? Each of our loan officers are equipped with professional advice that can be tailored to your unique lifestyle and needs as a borrower. Even if one of these options doesn’t fit, we’ll do our best to research additional ways to help fund homeownership. And if it’s not the right time to buy a home for you, we’ll be honest about that too! Ready to learn more?
Source: Bankrate, Experian, Investopedia, Yahoo! Finance
