In addition
to the above.....
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.
