One of the biggest topics for first time home-buyers involves down payment money. The questions range from do I need to have any money to make a down payment on a home to how can I get some money to assist with making a down payment. There are many different ways to buy a home with a down payment or without and there are many different down payment assistance programs available throughout the country. Consult your WI mortgage broker to find out more information about down payment assistance and home mortgage loan programs for first time home-buyers.

Down payment assistance programs are not a free ride. The buyer is often required to take first time home-buyer classes and meet with budgeting and credit counselors. The process can be lengthy.

Also, the home usually has to pass an inspection performed by the entity offering the down payment assistance. This can also slow down the transaction.

In addition, the buyer is often required to live in the property for a set period of time.

All down payment assistance programs work differently and not all lenders will allow a borrower to use them.

The types of programs that are available to you will depend largely on your credit history. For many first time homebuyers an FHA loan is an excellent choice because it allows your friend and family to assist you in the purchase of a house by providing a down payment "gift" to help you with your down payment. If you do not have any cash to put down yourself, and do not have family who are able to assist you there are plenty of other types of loans available that do not require a down payment at all.

Mny first time buyers look for down payment assistance programs because they erroneously believe they need a large down payment to buy a home. Actually a good loan officer, with the asistance of a good real estate agent, can usually get you 100% financing with liile or no closing costs.

 

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