Using Down Payment Assistance on Your Next Mortgage Loan
By Pierre Mouchette | Real Property Experts LLC
From down payment assistance grants to interest-free second mortgages and other special mortgage programs, there is a growing number of options for would-be home buyers.
What types of down payment assistance programs are there?
Down payment assistance comes in many forms, but the most common sources are
How do you qualify for the programs?
Although programs vary from product to product, some of the standard or common guidelines are
Will you have to take a homebuyer education class?
Homebuyer education is critical to the success and happiness of a homeowner. All first-time home buyers should get educated. While not required for all down payment assistance programs, it never hurts to be prepared, and it is always a good idea to start your process with a homebuyer education course.
Where are education courses offered?
ONLINE - there are several accredited online education choices.
IN-PERSON - face-to-face Homebuyer Education through NeighborWorks America or any HUD-Approved Housing Counseling Agency
Where can you find a list of down payment assistance programs?
Any search for down payment assistance help should start with your state housing agency. They offer the bulk of the DPA information and programs. Local housing agencies, county and city agencies are also great resources. This is especially true for community grant programs which can often provide the best deals for low-to-moderate-income home buyers. Additional sources are