Lets talk about how Down Payment Assistance programs work, what types of down payment assistance programs and First Time Home Buyer Grants are available and then I walk you through a really cool Down Payment Assistance Program that's available nationwide for a First Time Home Buyers!
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Email:nfo@nhfloan.org
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1. Down Payment Assistance Programs and First Time Home Buyer Grants work as if you are putting your own money as a Down Payment. They are no special mortgage loans, and they don't override a Conventional, FHA, VA or USDA rural development loan; they work in tandem! So for instance you would go to your lender apply for a 3% down Conventional Mortgage then either you or your lender (most likely your lender) would apply for a First Time Home Buyer Grant or Down Payment Assistance Program. If accepted the First Time Home Buyer Grant or Down Payment Assistance Program would act as if you paid the down payment yourself!
2. There are 4 Major types of Down Payment Assistance Programs and First Time Home Buyer Grants.
* The 1st type is a Repayable Second Mortgage- These carry no monthly payment or interest rate, but they have to be re-paid when you sell your home, refinance your home or payoff your home
*The 2nd type is a Forgivable Second Mortgage- These carry no monthly payment or interest rate, and a forgiven after a certain period of time (each program is different)!
* The 3rd type is a Low Interest Second Mortgage- These DO carry a monthly payment AND you have to pay interest. These are the worst type of Down Payment Assistance. I would stick clear.
* The 4th type is a Free Money Down Payment Assistance Program-These are the best type as they are literally free. NO strings attached. These can be harder to find as they are generally offered by a local lender or non-profit.
One of the best Down Payment Assistance Programs and First Time Home Buyer Grants is called the National Home Buyer Fund. It is a non-profit that offers a First Time Home Buyer Grant up to 5% down payment. This can be used for Down Payment, Closing Costs and Pre-paid taxes and insurance!
The other type they offer is a 0% interest second mortgage that is forgiven after you have been in the home for 3 years!
You don't just have to be a First Time Home Buyer. You can also be a repeat buyer. You need a minimum of 640 credit score and you maximum of 45% debt to income ratio. These two programs work with Conventional Mortgages, FHA, VA and USDA/Rural Development!
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