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Do you qualify for down payment assistance?

December 14, 2013

So, you're thinking about buying a home...

Paying rent month after month is getting old, and you realize you have nothing to show for those large monthly payments. The problem is that it's so hard to save enough for the down payment and closing costs...where do I start?

It could be that you qualify for down payment assistance. This "assistance" could come in the form of a no interest loan, an interest bearing loan, a forgivable loan, or even a grant or gift.

If you haven't been pre-approved for a loan yet, that will be one of the first things you're going to want to do.

Now, WAIT! Don't go calling a lender just yet...you don't want just any lender. You are going to want to find a lender who works with First Time Homebuyers regularly. You are going to want a lender who knows how to find low down payment programs - maybe even a first time homebuyer grant. While not everyone will qualify for a down payment assistance program, some could get up to $15,000 or more!

There is a real shortage of down payment assistance funds available today compared with just a few short years ago. Some programs have limited funds available. There are many low down payment loan options available, some of which allow the entire down payment to be a gift from a family member. Working with one of our expert lenders will help you find the best options for your circumstances.