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5 Tips For Buying a House With Down Payment Assistance

I’m in the process of buying a house this year. It’s been a bit hectic, but if all goes well we should be closing in a few weeks. Homeownership has always been a dream of mine, but it’s pretty expensive. It’s difficult for some Americans to even meet their goal of buying a home due to all of the upfront costs associated with the process. There’s the down payment, home inspection fee, appraisal fee and closing costs like the attorney’s fee, taxes, etc. Having a 20% down payment is always preferable, but in reality, most people can’t afford that. All in all, our costs to close the deal added up to more than $18,000. This is why I’m so thankful for state-funded down payment assistance programs which will help us supplement some of these costs. What Is Down Payment Assistance? Down payment assistance programs are administered by either a local or state housing authority, a nonprofit organization or directly through a lender. They provide the homebuyer with a set amount of funds to use to cover their down payment or closing costs on their purchase. Typically you have to meet certain requirements regarding your income and home choice in order to receive the funds. I’d heard about down payment assistance before, but my husband and I pretty much just smoothly transitioned into using a program for our home purchase. So far we’ve learned a lot. While you may be thinking this “free money” sounds nice, there are a few things you need to know when considering buying a house with down payment assistance. 1. Don’t Believe Everything You Read Online Sure, this sounds ironic since you’re reading this blog post online. However, hear me out. When you Google ‘down payment assistance’ a ton of sites will pop up and all of them may not be credible or what you’re looking for. It’s important not to sign up for anything online and give away your personal information. In order to receive down payment assistance, you need to be approved for a mortgage. No one can tell you that you’re eligible from…

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