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If I Am Short On Cash, Do I Have Options To Help With A Down Payment For My Mortgage?

By Bob Redtree

If I Am Short On Cash, Do I Have Options To Help With A Down Payment For My Mortgage? Read here for ideas for getting money for a down payment!

Due to low interest rates and decreased housing prices, now is one of the most affordable times ever to purchase a home. Unfortunately, mortgage lenders are now requiring at least a 10% down payment which can be unaffordable for many borrowers. Luckily, there are various options to get help with a down payment if you are short on cash.

Government Assistance

One option for getting help with a down payment for your mortgage if you are short on cash is government assistance. The federal government offers various programs to help first time homebuyers pay for their home. The government offers mortgage programs that allow first time buyers to put down as little as 3.5% of the purchase price. The government also offers various grants to first time homebuyers which give as much as $10,000 towards a down payment to those who qualify.

Employer Assistance

Another option for getting help with a down payment for your mortgage if you are short on cash is employer assistance. Many employers offer cash incentives to their employees for the purchase of a home. These employers often give up to $5,000 to their employees which can be used for either a down payment or any other housing related expense. The funds the employee receives is either a grant or a forgivable loan which is paid off after a few years of service.

Tax Credit

The last option for getting help with a down payment for your mortgage if you are short on cash is a federal tax credit. The federal government is presently offering a tax credit to citizens who purchase a home by April 2010. The tax credit, which is up to $8,000, can be used for anything the receiver desires.

Related posts:

1. Can I Get Help With My Down Payment For My Mortgage Loan?
2. Can I Get A Mortgage Loan With No Down Payment?
3. How Large Of A Down Payment Do I Need To Get A Good Mortgage Rate?
4. Is It Best To Go Long Term Or Short Term With Mortgage Rates?
5. What Are The Advantages Of Short Term Mortgage Rates?