Today we look at the truth about down payment assistance for a first time home buyer! Are down payment assistance programs a good way for a first time home buyer to buy a house? or should a first time home buyer avoid down payment assistance programs and explore other routes? Lets take a look at the different types of down payment assistance programs and some pros and cons of the down payment assistance programs, because not all of them are created equal! We'll learn the truth about down payment assistance!

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Additional Resources:
Resource 1: downpaymentresource.com/are-you-eligible/
Resource 2: hud.gov/topics/rental_assistance/local

Types of down payment assistance:
Grants- These are non-repayable, truly free money down payment assistance programs that are directed to lower income borrowers and minority borrowers!

Low interest loans- These are second loans that are repayable while repaying your mortgage so you will have 2 different monthly payments. One for the mortgage amount and one for the amount of the down payment assistance and closing costs.

Deferred Loan- These are loans for the down payment and closing cost, but you have to repay it when you sell you home, refinance your home or when the 15 year mortgage, 20 year mortgage or 30 year mortgage term is up!

Forgivable Loan- A forgivable loan is a type of down payment assistance that is forgiven without you repaying it, but you have to stay in the property for a certain amount of time (usually 5 years) and you have to pay your mortgage on time each month, or it can be due in full!

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