3 Conventional 97 Down Payment Sources For First Time Home Buyers

Hello again and welcome to Houston first time home buyers edition. Down payment and closing cost is one of the biggest obstacles for first time home buyers. While there are other ways to help first time home buyers over this obstacle, here are three programs that can help potential first time home buyers get the keys to their first home.

Down payment can be in the form of Gifts from a variety of sources that includes but not limited to:

• Any individual who's related to the borrower by blood

• Marriage

• Domestic partnership

• Adoption, or legal guardianship

• Borrower's spouse

• Child

• Other dependents

• relatives of a domestic partner

• Individuals engaged to marry the borrower

• Former relatives

• Individuals with long-standing relationships

Grants used to cover down payment and closing cost can come from:

• Employers

• municipalities

• states

• counties

Community Seconds is a type of secondary financing that allows lenders to accept loans from other sources that include, but not limited to, nonprofits and employers, to cover down payment and closing cost.

If you will be using one of the 4 types conventional 97 mortgage loan to purchase your first home, speak with your loan officer about the above mention down payment options that is available to you.

As always, thank you so much for stopping by. Remember, if you or someone you know is thinking of purchasing a first home, please give us a call or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana