Locate the coolest map on how to find grants for that down payment below.
When we are ready to buy a home, all of a sudden realize we need a certain amount of money for the down payment. Oh no.... we do not have enough money saved!
Is there anything that can be done? Yes, we can look for government grants to help with that important mortgage down payment.
Sometimes finding those precious grants is not easy. They also take time to apply for and finalize. So you want to allow yourself plenty of time to go through the process.
Another thing to keep in mind, is you want a lender who will allow home grants for a down payment. So be selective in locating a loan officer who has worked with this process.
That way you have someone who understands how this works and has done it in the past. They will also know how long it will take and guide you through the process better.
A good thing to do when applying for a grant is to start a savings program. What do I mean by that?
Well, find grants take time to locate and process, so while you wait you can be saving money. That way if the grant isn't approved you may find yourself with enough money to apply for a low down payment program like FHA.
If you do get the grant, well now you have money to buy furnishings. That wouldn't be all bad would it.
Since these programs will be used in association with your mortgage loan, you will need to have good credit as well. If you don't have good credit, then work on it now.
Another area you will want to look for grants is in your own county. Some areas have special programs to help first home buyers.
Let me give you an example of what I'm talking about. Recently I was helping a friend of mine with the home buying process. I met with his loan officer with him. (Remember I used to be a loan officer so am familiar with the process.)
So I asked about how to find grants or programs locally to help my friend so he didn't have to spend all his savings. The loan officer told us about a local program. To qualify the buyer had to watch a program online and take a test.
Unfortunately, my friend procrastinated going online to watch the program and take the test. He complained about the hour it would take to complete the process. This particular program would qualify him for $5,600 to used with his down payment and closing costs.
I asked him "where can you go to make $5,600 in an hour", he laughed and said "when you put it that way, it seems wrong on my part to not do it."
Together we went through the online process and qualified him for the grant money. These funds were used at closing and he had a great deal less money to bring to the closing!
Any grant program you find will require a certain amount of time on your part. Don't shy away from that, its worth the time you put in!
Wish you the best in your search!
Move cursor on the map to your state and click for information on grants....
Understand the best loan program to work with these assistance programs, learn all you can about FHA.
Also, if you have questions, don't hesitate to ask me.
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