There are special programs available for the First Time Homebuyer. Your state or local government may have these programs available for targeted professions such as Teachers, Police and other focus groups. These programs may also include down payment assistance you can pursue. Check with city hall and start inquiring about any available programs.
You also need to check for FHA Programs which have special features for first time homebuyers. These programs are continuously being updated, so it is best to find your professional Mortgage Broker or Lender to discuss them in greater detail. Also check out our FHA Loans section for valuable information. FHA
In addition, there are times when family members are willing to assist with the down payment for the purchase of a home and make deposits to the homebuyer’s bank account. Lenders, on the other hand, need to establish the source of a purchaser’s down payment and whether these funds are the homebuyer’s actual funds, or if the money was a gift or a loan. Two months of the homebuyer’s bank account statement is typically requested by the lender to ascertain the source of funds for the down payment. If the bank statement shows unusually large deposits, clarification on each will be required. If the funds are from family members, then the lender will need to know if it is a gift or a loan. A written document from the donor will be required to clarify the purpose. If it is determined that these are loaned funds then it will be considered a mortgage.
The lenders and Mortgage Brokers on this site will be more than happy to assist you. Please check to see if your mortgage broker or lender is FHA approved. If they are, they will answer any questions you might have concerning the program.
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