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Many local and state agencies run bond programs to generate funds
to help individuals and families with a down payment. Contrary to public
thinking, these bond issues are not a type of welfare. The government knows that
it can be tough to buy that first home, especially on a limited income.
Most agencies are income sensitive, but you may be surprised by the
high level of acceptable income. The income level is especially high if you have
children or dependents. Most agencies also have purchase limits, but they are
adjusted to the income qualifications level.
If you are able to obtain down payment assistance, you may receive
a lower interest rate. The drawback is that it often takes quite a bit of work
with extra paperwork and mandatory education classes. Our advice, find a realtor
or mortgage professional who is familiar with both the local and state agencies
and their policies. |