Down payment assistance even if I don't need it?

First time home buyers in today’s real estate market have the opportunity of a lifetime.
Overstatement? Maybe or Maybe not?

Looking back, you will see that the real estate market has resembled a roller coaster ride more than a train ride.

Like a roller coaster ride, buying your first home is not for the faint of heart, but the “rush” you feel when you finally move from renter to homeowner is unlike any other.

To help you achieve your goal, there are a number of first time home buyer programs and incentives.

But the question remains, why would you use down payment assistance if you don’t really need it?

Reason #1 - It’s NEVER a good idea to be left with little or nothing after you move in. If there ever was anything that exemplified “Murphy’s Law” it’s the home buying process. The Boy Scout motto: “Be Prepared” is great advice.

Reason #2 - There’s more to buying your first home than just the down payment.  You’ll have closing costs, moving expenses, utility deposits, or homeowner’s association fees.

Reason #3 - If you’re buying your first home in a market that’s loaded with REO or bank owned homes, unless you get very lucky it will need some cleaning, minor repairs, upgrades, maybe even new appliances. Your down payment money will come in very handy as you turn that house into your home.

Reason #4 - It’s the best terms you’re ever going to get. LIfe’s every day emergencies have even the most cost conscious first time home buyer in need of a loan sometimes. Appliances break down, the car needs tires, the kids need braces, you want to take the family to Disneyland (now that’s a big ticket item). Some of the down payment programs are “same as cash” while the down payment assistance for California first time home buyers has a low interest rate (3.25%) with no payments required and the balance due when you sell.

Reason #5 - It can make the difference between being a homeowner now or continuing on as a renter, with rents rising at a record pace.
A recent article in CNNMoney warned:
“Renters beware! Double digit rent hikes may be coming soon”
Renters in San Diego, according to CNNMoney, may soon be facing rent increases of 31% over the next few years.

For more information on down payment assistance for first time home buyers -  Click here

Other related posts:

• 6 Tips to understanding first time home buyer programs

• 3 Signs that say BUY to first time home buyers

• 3 Myths about first time home buyer programs