My daughter is getting married and they want to buy a house – first time home buyers – what mortgages are available to them for little to no down payment? They will be well qualified buyers (income/debt ratio) but have just a little money for a downpayment. They are not veterans. Where do they start?
Terry Says: Many states have assistance for first-time home-buyers. In Illinois, for example, the Illinois Housing Development Authority has programs, based on income, to help with a down payment. Check with your state’s housing authority to see what’s available.
You can also do a google search for “first time home buyer assistance” — to see what might be available in the area in which they are buying. And, you could consider “gifting” them the money for a down payment, which would make the entire process easier! But they would have to disclose that fact, in their financial qualifications.
I’ll give you one more resource — Leslie@GuaranteedRate.com. Contact my friend Leslie Struthers, who I consider a “mortgage genius”! If there is an appropriate deal out there, she will find it!