When you’re starting the home-buying process, you need to know how much money you can afford for a down payment. This can feel like a daunting process for first-time home buyers. Fears of PMI and qualifying for an FHA loan hold many people back. In reality, there are a lot of programs and even grants available to first-time home buyers. You don’t know what you don’t know. Why not find out for sure what your family can afford?

 

The next few steps will help you get started:

 

1. Collect the following documents / info to have on hand for this process:

    • Income
    • Debt Information
    • Financial Accounts
    • Tax Information
    • Employment History

 

2. Do a little digging yourself by visiting your state’s housing and development authority website to see what kind of programs it offers.

 

3. Get a couple recommendations from agents / loan officers and ask how much down payment you’ll need for pre-approval. They’ll help you crunch the numbers!

 

4. Ask lenders what programs you’re eligible for that could assist you with your down payment.

 

It’s not impossible, but oftentimes it feels that way. Feel free to reach out to us with any questions. We’d love to help.