You’re sick of paying high rents and putting money in your landlords pocket. You don’t have 20% saved for a down payment on a home though. You’re not sure if you can buy a home.  Are you feeling stuck, like you have no options?

Don’t worry, there are down payment programs out there you may not be aware of that are available to you!

A lot of first time home buyers are not aware of these down payment assistance programs.  Some home buyers think that they won’t qualify for the programs, or it’s too much work and not worth the effort. Different lenders have different options available to first time home buyers. It’s definitely worth checking with lenders to see what program(s) you may qualify for as a first time home buyer.

These are some helpful tips on how to find a down payment assistance program that is right for you.

Online Search-Down Payment Assistance Programs

You can check a website called Down Payment Resources which will ask you some basic questions like the home address, are you a first time home buyer, are you American Indian, are you a veteran etc and then search for programs that you may qualify for. (More helpful first time home buyer information here)

Locally in the Pacific NW, you can also check online at HOWNW.com for local non-profits, grants, tax credits and different programs available to help with down payments and or closing costs.

Special Down Payment Assistance Programs For Home Buyers

There are special programs out there that offer assistance based on your profession. If you’re a firefighter, police officer, in healthcare, a civic employee or an educator, there may be a certain program that you qualify for. If you’re a first time home buyer or have not owned a home in 3+ years, you may qualify for a first time home buyer program.

Local Neighborhood Stabilization Programs

The Neighborhood Stabilization Program was developed by the U.S. Department of Housing and Urban Development (HUD). It was a response to the residential foreclosures adversely affecting the housing market beginning in 2007, known as the “Great Recession”.  The purpose of the NSP was to stabilize neighborhoods with high inventories of foreclosed residential properties by providing a financial incentive to income eligible homebuyers and funds to purchase and rehabilitate properties to qualified non-profit developers. (i.e. Habitat for Humanity).

First Time Home Buyer Government Programs

Depending on the community, State or County that you plan to buy in, there may be government assistance programs available to you. These include FHA (Federal Housing Administration) or VA (Veteran’s Affairs). Both have home loan programs and may offer down payment help. You may also find assistance options by checking with your state Urban Development and Department of Housing websites.

Keep in contact with a preferred lender as these programs change frequently. The lender or your realtor can keep you up to date.

More Useful tips here:

Small Down Payment Doesn’t Mean The Buyer is Not Qualified-Via Bill Gassett

No Money Down Mortgage Options-Via Luke Skar

5 Ways to Save Money for a Downpayment on a Home-Via Sharon Paxson

Local Rochester NY First Time Home Buyer Programs and Grants-Via Kyle Hiscock

How To Save For A Down Payment On A Home-Via Michelle Gibson

How To Budget When Buying A Home-Via Eileen Anderson

About the author

My philosophy is simple: clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. If you’re not left with an amazing experience, I haven’t done my job. Success is not measured through achievements or awards but through the satisfaction and repeat/referral business of my clients. My goal is to be your top realtor choice when it comes to buying or selling real estate. Having spent most of my life in Portland, OR., living in Northeast, Southeast, Bethany, Hillsboro, Beaverton, downtown, St. Johns, Clackamas and West Linn, I’m very knowledgeable of the many different neighborhoods our city has to offer.