Where can I get my 20 percent down payment? How do I calculate my mortgage payment? How do I calculate some of the costs that go into making up my closing costs? What is the maximum loan amount that I can afford? Do I get a 15 or a 30-year mortgage? Should I keep renting or do I buy now? These are just some of the questions swirling around in a first-time home buyer’s head. Is it really true that I can buy a home with 3% down or even 1% down? Must I always pay mortgage Insurance? More questions popping up. It sometime feel like the more potential first-time home buyers get answers, the more questions they have.

Most of these questions get answered at a HUD Certified Home Buyer Workshop. There are hundreds of them conducted across the country every month. They can be located on the HUD.gov or the Consumer Protection website. In South Florida approvedbuhud.org provides a registration website for local workshops conducted in English and Spanish. The workshops are in person for free or online for a fee. A First-Time Home Buyer (8) Eight Hour HUD Certified Workshop is usually one of the requirements when getting any kind of help with closing costs and down payment assistance.

The federal government, local states, counties, city governments, private foundations and even some banks offer financial assistance to people in their communities who get qualified and have prepared themselves for homeownership. Finding the right program to meet your circumstances takes a lot of research, but it's worth the effort.

The three main types of closing cost and down payment assistance programs are grants, tax credits (mortgage credit certificates) and second mortgage loans with zero % interest and no payments.

Grants – Grants are funds that you never need to pay back as long as you own and occupy the home for a certain period of time.

Tax Credits – Usually the federal government or housing finance agencies, issue mortgage credit certificates, which reduce the amount of federal income tax you pay. It may also assist a buyer by being used as additional qualifying income.

Soft Second Mortgages – The most common down payment assistance, many are offered by state and local governments with low or zero interest rates, and the payments are deferred over a specified time period and, in many cases, the loan is completely forgiven over a specific time.

Your lender or real estate professional is a good source of information but usually they are familiar with a limited number of the numerous sources of funds available. Once equipped with knowledge and some help with the down payment, many households are finding that homeownership is within reach.

MortgageGrants.com has done the research and have compiled the most comprehensive and extensive database of assistance programs available. The free SnapShot introductory report gives just a glimpse of the programs available to members with subscription to the full suite of detailed programs. An extensive video library, frequently asked questions (FAQs), program descriptions, how to qualify and applications when available are just some of the benefits. Hundreds of home buyers, first timers and move up buyers have benefitted from the knowledge acquired here. Knowledge is power, as can be seen from some of our testimonials here. Up to $2,000 in Mortgage Credit Certificates, $7,500 from a local bank, $20,000 from a Community grant or $75,000 from a Broward County city, $85,000 in Palm Beach County or $150,000 in a high cost Miami-Dade city where affordable housing is becoming non-existent are just some of what you get details on as a member subscriber. Funds availability notices and professional partner discounts on closing services such as home inspections, property surveys and title insurance fees are just some of the additional benefits of membership. There are always questions, need yours answered? As a member someone is always available to answer your questions through our online forum. Get started now.

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