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South Carolina recently announced a $7,000 down payment assistance program for teachers, police officers and firefighters.
Some loan offerings, like New York City's HomeFirst Down Payment Assistance Program, require that people go through training to participate.
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Maryland residents can find homebuyer education classes and information about down payment assistance programs through the state government's Maryland Mortgage Program.
Carrington partners with some down payment assistance programs as well, as long as they allow the lender to keep the loan in their portfolio.
After trying early on in her hunt to cobble together various combinations of tax credits, down payment assistance programs and government loans, it became clear that most banks preferred all-cash offers for their foreclosed homes.
In a recent poll by NeighborWorks, a network of community development organizations that provides homeownership assistance, 70percentt of those surveyed did not know about the existence of down payment assistance programs for first-time buyers.
McCargo said there is no silver bullet for fixing the housing imbalance, but she recommends stronger consumer protections to police unscrupulous lenders, more flexible or alternative credit models for greater access to mortgages, and expanding down payment assistance programs at the state and local levels.
Investigate local, municipal and national down payment assistance programs.
To combat these obstacles, there are now many payment options, as well as down payment assistance programs.
If you are above certain income limits the non-profit down payment assistance programs don't cover you.
Beyond that, there are many down payment assistance programs and grants that can help you come up with the cash, especially if you are a first-time homebuyer.
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CEO of Professional Science Editing for Scientists @ prosciediting.com