Thankfully, there's down payment assistance. We have some insights on how to find the right down payment assistance for you to make your dream of owning a home come true.
According to The Mortgage Reports, there are four types of DPA:
- Loans that must be paid down with your first mortgage
- Loans with deferred payments, which are only paid when you move, sell, or refinance
- Loans that are forgiven over a set number of years and only need to be repaid if you move, sell, or refinance
- Grants, which are basically gifts that never need to be repaid
Locally, there may be programs in your city, especially if you're a first-time homebuyer. There's even the option of checking to see if your profession makes you eligible for down payment assistance. Law enforcement officers, emergency medical technicians, firefighters, and teachers can utilize the Neighbor Next Door Program, which only requires a $100 down payment for those who are eligible.
Lastly, if you're looking for help with DPA, consult with your real estate agent or lender. They may have resources or helpful tips.