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
By Liz Keuler, Editor – Readynest by MGIC
It seems like a no-brainer, but the answer is actually, “Sort of – it depends.” I know, that’s not the quick answer you’re looking for.
A bigger down payment usually means more equity in the house right from the get-go, along with a smaller monthly mortgage payment. But while saving up for a large down payment is an admirable goal, there are many considerations to weigh when deciding how much is enough and when to buy. 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