How Do You Get A Down Payment Grant?
Sources of money to use for your down payment when buying your home. • Determine approximately how much money you need. Your banker or mortgage broker can help you with this. Your real estate agent should be able to help you if you haven’t gone to the lender yet. • Investigate local bank programs. Sometimes lenders will provide mortgage loans, particularly to first time home buyers, that require NO down payment. There are federally guaranteed loans that are often available through the VA or the USDA. These require no down payment – which is just as good as getting a grant, eh? Federal programs from the FHA insure loans so local lenders will make minimal-down payment mortgage loans. • Look into HUD (Dept of Housing and Urban Development – a huge Cabinet agency, 2nd in size only to the Dept of Defense). This department has a very under-used, but super program that grants money for down payments. This program is called: ADDI, or American Dream Downpayment Initiative. A clickable link to i
