Homeownership is one of the pillars of the American economy. To keep it propped up, there are many programs to help first time buyers make down payments.
First Time Buyers Program – Down Payment
Are you a home buyer looking to buy your very first home? Do you believe you can make the mortgage payments on the home but just don’t have enough cash on hand to make the down payments? Are you not able to buy the home because of this mortgage down payment problem? If this defines you, then don’t be worried. There are many programs out there that can help you to make the down payment and move in to your very own home.
Firstly, check with the FHA – the Federal Housing Association. The FHA often offers many programs to various people who can’t make the down payment on their home. The Department of Housing and Development is another organization that has many programs in place. They will help first time buyers to be able to buy their very own home and get over the hurdles of down payment costs. Both of these organizations should be sought out right away. You should contact them and see what sort of programs and assistance you might be eligible for.
American Dream Down Payment Initiative
For minorities and low income families in particular, there is another big program in place that can be of great assistance. If you fall into one of those categories, you may be eligible for the American Dream Down Payment Initiative. Passed in 2003, ADDI allows for eligible first time home buyers to receive as much as $10,000 in assistance for making the down payment on their home.
In addition to these organizations, there are also many programs in place by states that seek to encourage first time home buyers. These programs often offer grants and other assistance to first time home buyers. Make sure to do an internet search for the housing department in your state to seek out information on programs relevant to your location.
First time home buyers who can’t make their down payment should not worry. There are many programs in place that can help them. If you are a first time home buyer and need assistance, you can seek out many of these different groups.