If you're in the market to buy your first home, but know you'll need some help with your down payment or closing costs, assistance may be right under your nose.
In fact, there are hundreds of resources available for well–qualified, first–time homebuyers to obtain funds for down payment and closing costs. Who provides this assistance and how? The state, county and city governments that oversee the community you hope to call home have thousands of dollars to help aspiring homeowners through:
Grants: Funds that you do not need to pay back as long as you own and live in your home for a specific period of time.
Second mortgage loans: The most common down payment source, these have low or no interest rates and the payments are deferred over a specific time period.
Tax credits: Certain states and local governments, including Housing Finance Agencies, issue mortgage credit certificates which reduce the amount of income tax you pay, thus giving you more available income upfront to make your down payment or pay for closing costs.
Where to Start?
Remember that thousands of dollars of homebuying assistance is out there for qualified homebuyers. Reach out today and remember that hard work and perseverance pays off.
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