Downsizing the down payment

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: I just learned that I qualify for my city's first-time homebuyer's program. I thought it was a grant, but it's actually a second mortgage. Is this a good deal or not? Is there anything I need to watch out for? A: Congratulations! The current market has presented the odd paradox for a buyer's market of having lower prices, but increased down-payment requirements. Many first-time homebuyers who would never have been able to afford a home a couple of years ago have been frustrated in their efforts to take advantage of lower home prices because they do not have a large chunk of money for a down payment. One of the last remaining sources of down-payment assistance for hard-working homebuyers are city first-time homebuyer down-payment assistance programs (DAPs) -- if you qualify for your city's DAP, kudos! Mindset Management Did your parents ever tell you that nothing in life is free? Same goes for money from your city to help you buy a home -- it seems like free (or cheap) mo...