One of the most significant obstacles that may be standing between you and your dream of homeownership is a large amount of money that can be used as a deposit. Saving enough money to use as a deposit on your purchase of a home and land can potentially take many years of difficult effort. During this period of time, you may be tossing money away on rent when you could be building equity in your own home. Whether you are starting with very little or no savings, the Deposit Gap program through Wealthfin may be the ideal solution for you.
The Deposit Gap program is a flexible program that is used to assist with the construction of a home, and it can be used for those who intend to use the new home as their personal residence or as an investment. It is well-suited for buyers who have been turned down by other lenders in the past because of a lack of savings funds or just don’t think they have enough money to start. This program even works well for home buyers who want to avoid paying a high Lenders Mortgage Insurance premium without having to come up with extra money from their own accounts.
When you reach out to our team at Wealthfin, we will compare your specific circumstances and financial needs to a panel of builders that accept our Deposit Gap program as a deposit source. Consider the case of Mark and Ella, who purchased a block of land recently believing that a five percent deposit was sufficient for the loan. After buying their land, financing requirements with their bank changed. The bank now required a 15 percent deposit. Through our Deposit Gap program, they were able to put together the deposit funds necessary to get the loan that they needed.
This is only one of many ways that the Deposit Gap program can be used. Another case to consider involves Tom and Belinda, who have been renting their home for several years. Through hard work, they have managed to pay off their car loans and other personal loans. However, this has left them with very little money available that can be used as a deposit. Rather than spending years saving for a deposit and potentially risking real estate prices increasing, they can use the Deposit Gap program to get into a home of their own quickly. Through the use of this program, the couple can begin building equity in their home right away.
The Deposit Gap program gives you a faster way to get into a new home. To learn more about the Wealthfin Deposit Gap program or to fill out the application, contact our office today.