Saving to buy a home, whether it is a first home or the third, can be a difficult task. For many potential homebuyers, not having sufficient money to cover the closing costs and down payment is the difference between renting and owning a home. However, many non-profit and public charity organizations have been created to assist first time homebuyers, low to moderate-income families and general homebuyers with the purchase of a home.
The down payment assistance is provided in the form of gift funds, which means that the money does not have to be repaid. Though there are several organizations that provide these gifts, the differences among them are minor. Qualified homebuyers can receive between 1percent to 5 percent towards the purchase of the home. The homebuyer may be required to have additional savings in the bank. However, the homebuyer must use an approved mortgage lender, an approved real estate agent and qualify for an FHA home loan.
To learn more about down payment assistance and loan grant programs select from the following: