Ok, Now you took your class and found your assistance program, now how do you link it up with a lender to get all the paperwork in sync? One thing I have found is, that the Banks are the only lenders that are willing to put in the time to work with the Down Payment Assistance Programs, the reason I have been told is this. Brokers work on commission and most of the programs regulate the amount the lender can make on each transaction. Banks need to work withthe programs in order to reach certain required quotas. I have been told this on numerous occasions, so, if any Brokers out there have a different opinion, please let me know and I will add it to a future blog. Now back to the process, the loan officer will assist you with all of the appropriate paperwork for both the Loan and the Down Payment Program. They are usually put together in the form of a first and second mortgage. When you go to closing all of the paprework will be there for you to sign. As always this is just an overview, if you require any consulting, please send me an e-mail and I will contact you shortly.
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