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Tips For Finding Lenders That Offer Home Buying Grants and Mortgages With No Down Payment Programs

Buying a home is a major step in your life, but it can also be an expensive one. Even with incredible credit, having a down payment will likely be needed to secure a good loan with a decent interest rate. Even many government programs like FHA loans will require a down payment – though in some cases it could be as low as 3.5% down. However, there are several options out there for down-payment assistance, and they could help you secure the loan that you're looking for without you having to spend years saving up for a down payment.

There are mortgage lenders that specialize in first time home buyer programs, down-payment grants, and finding them is the first step towards the process. There are a few things that can help you find these lenders:

  • Know what you need. The first step is really just figuring out how much money you actually need to raise. Look at the home you're buying and try to determine what kind of down payment will be required to get it. While some grants or programs eliminate down payments completely, knowing the figure that you're in need of is vital here.
  • Do your research. Shop around online and you should be able to find several mortgage lenders that can provide grants for first time home buyers. Chances are good that you'll find several different lenders in your area – or nationally.
  • Don't ignore other potential sources of assistance, either. Check with local and state organizations to see if they offer down payment assistance as well. Some government programs have been set up specifically to provide you with help on your down payment, and could provide results that even lenders don't offer.
  • Track down the best lenders or available programs that offer down payment assistance, the next step is to see if you qualify. Different grants and down payment programs have different base requirements. Usually, these are based on income, but other factors could include things like the location of your home or other special requirements. Figure out which programs and grants actually fit your situation so you know where to devote your efforts.
  • Also, just talk to the mortgage lender you're working with – better yet, talk to several lenders. Some may be able to offer you different programs that you may not have been aware of, and some may even help you apply for the grants and programs that could help you. A lender will likely be willing to work with you to help make it more realistic for you to secure a loan.

For some, it can seem like owning a home is an impossible dream. Luckily, numerous programs have been designed to help make it possible. If you're serious about owning a home and meet some basic criteria, you might qualify for down payment assistance. These programs have helped countless people get into their homes, so keep the points above in mind and you may be surprised to find that securing a solid loan isn't impossible in the least.

 

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