Down Payment Assistance For Buying a House

"Hello! My name is Brett Staggs and on behalf of Expert Village, I am going to be telling you how much you can afford for a first time home buyer. When applying for your first home loan and you are trying to figure out how much house you can afford, it may be a situation where you say, you know what I don't want to get a 100 percent loan, I want to have some equity in my house right out of the gate. How can I get some sort of down payment? I don't have the money, I don't have any relatives or family who can loan me any money. Is there a way I can still get a down payment on this home. The answer is yes. There is something called down payment assistance. There are programs, they are usually Government programs that want to bolster their economy. They want people to be buying homes. The Government will say we want to help you out by putting a down payment on your home. We want you to have more equity in this home. We don't want you to have to get a 100 percent loan; it's very risky. So you can apply for something like this and again, whoever you are working with, ask them about this. Say hey, I really want a Government's sponsored down payment and assistance on this home. Can you direct me to how to get involved with that, how to register. You fill out an application similar to what you would for a home loan actually and they will say yes, we will grant you this down payment assistance. What they do is they will roll that into your loan but it is in a separate tier. So it is not going to be in your mortgage payment. It is going to be a separate charge you are going to pay. Very cheap and a very smart thing to do. A lot of people don't know how to ask about that. Make sure that you do ask whoever you are working with about down payment assistance."