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Down Payment
Assistance
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4 of 5 Down Payment
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Many local and state agencies run bond programs to generate funds
to help individuals and families with a down payment. Contrary to
public thinking, these bond issues are not a type of welfare. The
government knows that it can be tough to buy that first home,
especially on a limited income.
Most agencies are income sensitive, but you may be surprised by
the high level of acceptable income. The income level is especially
high if you have children or dependents. Most agencies also have
purchase limits, but they are adjusted to the income qualifications
level.
If you are able to obtain down payment assistance, you may
receive a lower interest rate. The drawback is that it often takes
quite a bit of work with extra paperwork and mandatory education
classes. Our advice, find a realtor or mortgage professional who is
familiar with both the local and state agencies and their policies.
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