- 1). Do a self assessment. Think about what home that you want to buy and what you can afford on your salary. Think about your career. Many downpayment assistance programs, but not all, come with strings attached, such as requirements that you live in the house for five years. Think about whether there is a chance you will move for your job, and thus be forced to pay back the assistance you received. Talk to your lender, if you have one, about what the company thinks you can afford. Is it more than you pay in rent? If so, can you truly afford that payment if you haven't even saved enough money for a down payment?
- 2). Get organized. Organizations that give away money hate the idea that their money is going to someone who cheated to qualify. They take several steps to prevent this, the biggest of which is to demand lots of documentation regarding your ability to repay, your expenses and income. You will likely be asked for paperwork to verify all of these things, and more, when applying for a mortgage.
- 3). Call your lender or realtor. Many down payment assistance plans rely on federal or state money that is funneled down to local nonprofits or city government agencies. A lender with a local office in your neighborhood or a realtor may already know of programs that can help you.
- 4). Call your local politician. Many state representatives have staff members who are familiar with programs from the state. In large cities, a member of the city council may also have staff members who can direct you to these programs.
- 5). Check state websites. The National Council of State Housing Agencies can provide links to housing agencies and programs administered by state governments. To find an agency in your state, go to www.ncsha.org. Along the top, click the link marked "membership." On the next page, follow the link to the site marked "HFA Directory".
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