fha down payment help

Saving to buy a home, whether it is a first home or the third, can be a difficult task.  For many potential home buyers, 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 home buyers, low to moderate income families, and general home buyers 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 home buyers can receive between 1% to 5% towards the purchase of the home.  The home buyer may be required to have additional savings in the bank.  However, the home buyer must use an approved mortgage lender (such as The Mortgage Authority, Inc. in Kansas), an approved real estate agent, and qualify for an FHA home loan. 

Qualifying for down payment assistance is as easy as 1, 2, 3.

1) Contact your mortgage lender to begin the qualifying process.

2) Your lender will put you into contact with an approved real estate agent (which may vary from program to program) to assist you in finding a qualifying house.

3) Close and move!