When Zirconia Alleyne, editor of the Kentucky New Era, began working a news story about the Kentucky Housing Corporation’s $10,000 down-payment assistance program she didn’t know it would help her reach her own homeownership goal. Now she’s a homeowner before 30. keep reading
Here’s a question we get from many new homebuyers: Do you have to use an Federal Housing Administration (FHA) loan with down payment assistance? The answer is no — there are different types of mortgages available depending on your situation.
Each down payment assistance program has a list of “eligible first mortgages” that can be used with the program. A first mortgage is simply your primary home loan. And your down payment assistance can come in many forms, such as a gift forgiven at closing or a second mortgage — funded by a Housing Finance Agency (HFA), municipality, nonprofit or employer. Most down payment programs accept a range of first mortgages, including conventional, FHA, USDA and VA loans. keep reading
If you’re like most first-time homebuyers, the down payment is your biggest hurdle to getting into a home of your own. It makes sense — buying a home is likely the biggest purchase you’ve ever made and you don’t have the proceeds from a previous home sale to use for your down payment.
Don’t overlook down payment programs that can help you buy much sooner. We helped The List TV Show highlight some of the options that can help buyers with the down payment.
Learn what resources are out there to knock down the down payment. Get the scoop on: down payment assistance, community hero programs, employer assisted housing programs, plus the real definition of a first-time homebuyer.
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