It is common to think of first time home buyer and down payment assistance programs as the same, but they are far from that. First time home buyer programs are typically associated with the type of mortgage you get. This will include interest rates, length of the mortgage, the type of mortgage and other mortgage program parameters. Down payment assistance programs are usually associated with the down payment needed to get the first time home buyer mortgage program.
Find A Local Mortgage Lender Or Bank To Get First Time Buyer and Down Payment Programs
Depending on the city and state that you live in, you will find a variety of options for both of these programs. In some case there are federally sponsored programs as well as programs sponsored by your local city or county government. In just about all situations, access to these programs are through local mortgage lenders and bankers. In rare situations consumers can use mortgage brokers to gain access to these programs, but in general you can only get these programs if you work through a mortgage banker, mortgage lender, or a bank or credit union.
For more information about the differences between first time buyer programs and down payment assistance programs watch the following YouTube video.
Article by Dale Stouffer, Mortgage Broker. Dale has a been a mortgage broker since 1996. This Article is designed to be of general interest and should not be considered accounting, legal, or tax advice. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal attorney, tax adviser, or accountant.
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