Down payment assistance program

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  • #3612
    readytobuy
    Participant

    I have read in a few of the forums that you CAN use down payment assistance for buying down your interest rate. Is this true? If so, can it be called a second mortgage?give me details, please!

    #3627
    TTrumble
    Member

    Hello readytobuy,

    Down payment assistance programs are frequently used to help NACA members buy down their interest rate. These programs consist of a grant to the homebuyer, not a loan, so it would in no way be considered as second mortgage.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #3652
    readytobuy
    Participant

    I talked to my local down payment assistance program and was informed that it is in the form of a second mortgage, and that they will only allow you to use the funding toward down payment and closing costs. Can you recommend a down payment assistance program that will allow you to buy down your interest rate?

    #3665
    TTrumble
    Member

    Hello readytobuy,

    There are literally hundreds of programs all over the country. Many are specific to a local community, so you will have to consult with your MC on that one. The local office should have information for programs in your area.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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