The Down Payment Conversation Most First-Time Buyers Have Never Had

If the down payment is what is keeping you from buying your first home there is a very good chance you have been approaching the problem without knowing about the solutions that already exist. Moses Alford wants to have that conversation before you spend another year saving every penny on your own toward a target that assistance programs may already be able to help you reach.

What First-Time Buyer Programs Actually Offer

Depending on where you are buying and what you qualify for there are programs available that can help with the down payment, cover closing costs, and in some cases provide grants that do not require repayment. The specific programs and the amounts available vary by state, county, and municipality and the combination that applies to your situation depends on your income, the property you are buying, and the loan program you are using.

The range of assistance available is frequently larger than buyers expect. The assumption that these programs only cover a small fraction of the required upfront costs is often wrong. For some buyers the right combination of programs can cover nearly all of the cash needed at closing.

The Definition of First-Time Buyer That Surprises Most People

Here is the part of this conversation that genuinely surprises many buyers who have already owned a home. You may still qualify as a first-time homebuyer even if you have owned before.

Many down payment assistance programs define a first-time homebuyer as someone who has not owned a primary residence in the last three years. If you owned a home previously but sold it, lost it, or simply have not been on title to a primary residence in the past three years you may meet the definition that qualifies you for first-time buyer programs and all the assistance that comes with them.

That three-year window catches a significant number of buyers who have written themselves off as ineligible without ever actually checking.

Why Most Buyers Do Not Know These Programs Exist

The programs are real and they are funded and available. The problem is that they are not widely advertised and the landscape of what is available changes frequently. A program that existed in a county six months ago may have been funded out. A new program may have launched that nobody has told you about yet. Knowing which programs are currently active, which ones you qualify for, and how to stack them for maximum benefit requires someone who is actively working in this space.

That is Moses Alford's job. Not to tell buyers what they cannot do but to find out what help is already available for their specific situation and build a game plan around it.

What to Do Right Now

Comment the word FIRST below and Moses Alford will reach out to build your home buying game plan. Before you spend another year saving toward a number that assistance programs may already be able to help you reach find out what is actually available for you right now.

Sources

ConsumerFinancialProtectionBureau.gov
HUD.gov
FannieMae.com
MortgageNewsDaily.com
Investopedia.com