Down payment assistance can come in a many different forms ranging from loans, to grants to gifts... depending on your qualifications and in some case the property location can make a big difference in what a borrower can qualify. The best approach is planning ahead... many times we see first time home-buyers rush to submit an offer to find that is too late to maximize their Down-payment and/or closing cost assistance. We highly recommend a potential borrower get pre-qualified for all available down-payment assistance offer and/or any closing cost assistance that is allowable under a particular program. Having access to this information prior to moving forward can literally save a borrower thousands over the life a their mortgage. Planning is the key... don't make a a mistake...take your time and plan!
Information provided by Ron Giannamore (all rights reserved) (Equal Housing Lender)2011