Down payment assistance, first-time homebuyer incentives, closing cost discounts: There are many different kinds of financial programs out there to help people purchase a home, and a new website makes a list of programs available in every state available to potential buyers with the click of a mouse.
Mortgage and consumer loan information publisher HSH.com has compiled a list of homebuying assistance programs in each state in an effort to inform borrowers about different types of assistance that may be available to them in their local areas.
The website contains information on programs that are available statewide for both first-time and experienced homebuyers. Programs vary greatly and can offer anything from below-market mortgage rates to down payment assistance to special programs for police or firefighters.
For example, the website lists eight programs in California. Some offer 30-year fixed-rate loans; another one offers deferred-payment junior loans from $7,500 to $15,000 to assist teachers and school administrators with down payment fees. The website lists 10 programs in New York, including one for veteran and one for low-income borrowers.
HSH.com noted that in order to qualify for one of these statewide homebuyer assistance programs, borrowers must almost always attend a homebuyer education course. Statewide assistance programs must be acquired through a participating lender.
The full interactive map and information on each program can be found at: http://www.hsh.com/finance/mortgage/home-buyer-programs.html.
