Tips & Advice

Freddie Mac Reminder: Financial Help with Down Payments Is Available

down-payment

Freddie Mac VP Danny Gardner shared a brand new blog post on the company’s website on Wednesday morning reminding potential homebuyers that there is help out there when it comes to finding the funds for a down payment.

Gardner, who’s official title is Vice President of Single Family Affordable Lending and Access to Credit, understands that a 20 percent down payment can be difficult to come by for many people and explains in his article that “many state, county, and city governments offer financial assistance to people in their communities who are well qualified and ready for homeownership.”

According to Gardner, the three main types of assistance are grants, second mortgage loans and tax credits.

“Depending on the program, assistance may be limited to first-time homebuyers and/or low- and moderate-income buyers,” he added. “And homebuyer education counseling may be required.”

Image via flickr/Tax Credits

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