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Down Payment $$ Is There For Asking!.......................................................... 
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.......................................................... There are a number of alternatives available for first-time homebuyers who lack the necessary cash for the traditional 20 percent down payment. Today, it is acceptable for borrowers to contribute 3 percent, 5 percent, 10 percent, or 20 percent of the purchase price for conventional financing; and they may not have to put anything down at all on Federal Administration or Veterans Administration loans. Freddie Mac offers a Building Down Payment Program allowing builders to contribute as much as 3 percent of the home price toward the buyer’s down payment, and its 21st Century Lease-Purchase plan lets no-credit or bad-credit borrowers lease a home for three years with no money down in order to show financial responsibility before they take over the mortgage. Homebuyers also can benefit from state and federal first-time buyer programs, as well as special options offered by lenders. Wachovia’s Partnership Mortgage program, for instance, requires only $500 down; while its Affordable Mortgage Program permits buyers to borrow 97 percent of the home’s cost. Buyers can put off vacations, sell some assets, get a loan or outright gift from a family member, or even share the home’s equity with relatives who are willing to help out as a way of meeting down-payment requirements. Relocating buyers are often able to receive assistance from their employers, and they can sometimes use term life insurance and individual retirement accounts toward the down payment. Buyers additionally should consider “owner-carried financing”, whereby the seller offers a loan to the buyer; or 80-10-10 loans to avoid costly private mortgage insurance (PMI). ..........................................................
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Natasha Cohen
199 Post Rd East
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