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		Paul and Sarah Scheper Father-Daughter Team MBA, CSA, CRMP, SRES, EIEIO Phone: 800-662-6784 Blog: www.LoangevityMortgage.com License: NMLS #110538 PaulScheper@Live.com www.SarahScheper.TV

September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020		How to Buy a House Without a Down Payment If you are a first-time homebuyer or someone who has not owned a home for a three-year period, you may qualify for a no down payment program. Typically, these programs are available through your local county, state, or government. Here are four types of no down payment programs that can help: Forgivable loans: These are no-interest loans to help homebuyers with their down payment and usually last for a certain period of time. As long as the homeowner lives in the home, these loans do not have to be paid back. Deferred loans: No-interest deferred loans provide a homebuyer with a down payment and only need to be paid back when the house is sold. Low-interest loans: These loans must be repaid. However, they are paid over a period of time and are affordable for the homeowner to repay. Grants: Grants are amounts of money given by your state or local government in the form of a gift and don't need to be paid back. There are parameters your local housing authorities will need before you are approved for these types of no down payment assistance programs. Educational courses, income, and home price thresholds are a few requirements and are taken into consideration when looking at down payment assistance applications. Bottom line: There are many programs available to help get these assistance programs in motion. Talk with your loan officer who can help you find the best programs based on your needs and start the process to new homeownership. If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine. Source: Mortgage Market Guide

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