Explore the Mortgage101 Library
Check Local Mortgage Rates
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income.
Most agencies are income sensitive, but you may be surprised by the high level of acceptable income. The income level is especially high if you have children or dependents. Most agencies also have purchase limits, but they are adjusted to the income qualifications level.
If you are able to obtain down payment assistance, you may receive a lower interest rate. The drawback is that it often takes quite a bit of work with extra paperwork and mandatory education classes. Our advice, find a Realtor or mortgage professional who is familiar with both the local and state agencies and their policies.
More Articles...
What Are Typical Mortgage Down Payments?
How to Get Approved for an FHA Loan despite Bad Credit
- What To Do When Mortgages Default
- 3 Warning Signs of Loan Modification Scams
- Low Down Payment Loan Qualification
- Second Mortgages: Advantages and Disadvantages
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Should You Refinance? Make Sure the Timing is Right
- 3 Common Short Sale Mistakes
- 3 Reasons Banks Reject Short Sales
- Short Selling a Rental Property