Did you know that in a recent survey, 67% of millennials stated they are “likely” to buy a home in the next two years? In that same group:
- 35% said a lack of downpayment is holding them back from purchasing a new home
- 39% that rented believed you needed a 20% downpayment
- 42% were unaware of downpayment assisted homebuying programs
- 63% reported they have little or no money in savings
What if we could give you tools to help bridge the gap between education and money and turn the dream of owning a home into reality? Here at Key Mortgage, we have access to several downpayment assistance programs that help you put more clients into homes.
Two of our more popular options are:
- Full array of IHDA (Illinois Housing Development Authority) assistance programs with up to $10,000 in downpayment assistance available
- Our PATH program that offers up to $4,000 and reduced interest rates for homebuyers in Cook, DuPage and McHenry counties
Maybe your client is not a first-time homebuyer, but is lacking equity or a downpayment. Or, they want to use that equity to pay down higher-rate debt, but still purchase a new home? Both of these (and other programs) don’t require you to be a first-time homebuyer. There are rules to follow for all programs, so partnering with your Key Mortgage loan officer to help provide counsel on which option is best is the “key” to success.
To find ways to connect with your sphere and find and educate potential homebuyers, reach out to a Key Mortgage loan officer.