Top 5 Down Payment Assistance Programs for First-Time Homebuyers – Did You Know Them? Buying a home for the first time is a difficult task. It involves lots of terminologies, fees, and people involved in it. Most of the people think it is an easy way that involves just signing of few documents. But, you must ask yourself what have you thought about financing? Most of the banks finance a maximum of 85% of the total loan amount. You have to pay for the down payment in order to start the loan EMIs. For first-time homebuyers, paying the down payment is a tough task. Here are few programs initiated by government and private bodies to provide you an assistance in down payment, if you are a first-time homebuyer. You can choose the one most favorable for you from the list below:
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Federal Housing Administration (FHA) - Most of the first-time homebuyers go for this program, especially the ones who have a bad credit history. The FHA lends a certain portion of the loan amount, which broadens their acceptability for loans. The borrowers