Home financing can be a pleasure or a pain. It really depends on you. But before we go any further I want you to read this article from Forbes magazine which talks about  The Perfect Loan File.  This should be required reading for anyone buying a home. More specifically, it goes into why the lenders ask for so many documents just to get a home loan. 

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 But for many, just getting the down payment can be discouraging enough. Fear not. There are multiple ways to accomplish this. However, it's a common misconception that you always need 20 percent down to buy a home.Here's the lowdown on the most popular low-down alternative payment options:

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FHA Loan

 Traditionally the mortgage of choice for first-time buyers, the Federal Housing Administration (FHA) offers government-insured loans with as little as 3.5 percent down.

 The most popular FHA loan option, the 203(b), is widely available from lenders across the country. You "may" qualify with a credit score of just 500, although there may be limitations on many condo purchases.

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Home Possible from Freddie Mac

 This program allows you to put between 3 and 5% down, as long as you intend to use the home as your primary residence, and don't currently own or share ownership of another house. You'll also need to complete a required homeownership education program online.

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Conventional 97 from Fannie Mae 

 Just 3% down is enough to help you qualify for a Conventional 97, as long as you're applying for a fixed-rate mortgage on a single-family home that's less than $417,000. You'll also need to participate in a homeownership education program, and at least one of the purchasers applying for the loan must be a first-time buyer.

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HomeReady from Fannie Mae 

 Another option that requires as little as 3 percent down, HomeReady can also offer below-market interest rates. Additionally, this program allows non-occupant borrowers to apply. For example, parents can secure this type of loan for a young adult who's just starting to establish credit.

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Some First Time Homebuyer Programs to consider:

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The incredible NACA mortgage allows NACA Members to purchase their homes with:

• No down payment

• No closing costs

• No fees

• No requirement for perfect credit

• And at a below-market interest rate

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Palm Beach County SHIP Purchase Assistance Program

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Highlights

• Maximum amount up to $100,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is require

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America’s Home Grant® program (Bank of America) 

New Program released Sept 2022

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Alachua, Baker, Brevard, Broward, Charlotte, Citrus, Clay, Collier, De Soto, Duval, Escambia, Flagler, Gadsden, Gilchrist, Hernando, Highlands, Hillsborough, Indian River, Jefferson, Lake, Lee, Leon, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia, Wakulla, Walton Counties

Highlights

• Maximum amount up to $7,500

• May be used for nonrecurring closing costs, such as title insurance and recording fees

• Client does not have to be a first-time homebuyer

• Homebuyer education is not required

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City of Boca Raton SHIP Purchase Assistance Program

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Highlights

• Maximum amount up to $90,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Boynton Beach SHIP program

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Highlights

• Maximum amount up to $60,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Deerfield Beach Purchase Assistance Program

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Highlights

• Maximum amount up to $50,000

• May be used for down payment and/or closing costs

• Client does not have to be a first-time homebuyer

• Homebuyer education is required

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City of Fort Lauderdale Purchase Assistance Program

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Highlights

• Maximum amount up to $75,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Lauderdale Lakes Purchase Assistance Programs

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Highlights

• Maximum amount up to $25,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Lauderhill Purchase Assistance FTHB Program (SHIP Funds)

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City of Lauderhill

Highlights

• Maximum amount up to $50,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Miami First Time Homebuyer Program

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Highlights

• Maximum amount to be determined by Provider

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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Miami-Dade Economic Advocacy Trust - Homeownership Assistance Program HAP

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Highlights

• Maximum amount up to $12,250

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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City of Miami Gardens Purchase Assistance Program

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Highlights

• Maximum amount up to $20,000

• May be used for down payment and/or closing costs

• Client must be a first-time homebuyer

• Homebuyer education is required

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To discuss the best option for you and to get a head start on your home search, contact us right now!

Not quite ready to talk to a lender just yet? Use the simple calculator below to figure out what your payments may be on that home you have your eye on.