Updated about 3 years ago on . Most recent reply
Using First time home buyer assistance
Hey everyone,
My name is Mason and I am going to be moving from Fargo to Chandler AZ. The lender I have been talking to recommended that I could use first time homebuyer assistance if I need to.
Does anyone recommend using or not using if I don't need to?
Thank you in advance!
Most Popular Reply
It's important to understand the ins and the outs of the assistance.
Does it come in the form of a second lien?
Is it a grant?
If it's a second lien, or we like to call it "silent second", then you have to be aware that you will owe that amount back if you refinance or sell.
A grant will not be repayable but typically yield higher interest rates.
Down payment assistance can be beneficial if you have a plan in place for it. Just make sure you do the research to learn how the assistance works.
Otherwise, take advantage of other FTHB options like 3% down Home Possible or Home Ready. Ask your lender about all the FTHB options you have available.