If you are thinking of buying a home, down payment has probably come across your mind. In a case study conducted by NerdWallet, 44% of respondents said a lack of a down payment was the roadblock keeping them from buying a home

Do you need 20% down to avoid mortgage Insurance? Do you need 3.5% down to get an FHA loan? Should you just save and put down as much as possible? The simply answer to the questions above is “yes”, however there is help. There are many options available home buyer, be it a first time buyer or you already currently own a home.

Examples are:

Grants – Funds that you do not have to pay back.
Some grants are available through various sources such as State funds; California – CalHFA, Federal (Hud), Non-Profits organization, lending Companies programs and others. Their are various requirements like household income limits, number of family members, or property location.

Deferred loans – Some loans can be deferred for up to 30 years.
Deferred loans can count as your down payment, and it can be deferred for up to 30 years. Being that it is a loan, some lenders require the loan to be paid back if the house is sold, refinanced or change ownership. However, if it remains your primary residence, it can essentially become a grant.

There are currently over 2,400 programs available nationwide; too many to list here. There are programs for people that work in the school system (ex: teachers, administrators, janitors, cafeteria workers, etc.); Policeman, Firefighters and especially Veterans.

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