What is the best down payment assistance program for first time home buyers?

There are a wide range of programs available for down payment assistance. Your loan consultant should be able to give you an overview of all of them. Ask about special state bond programs, and any federal assistance programs. I think Ameridream and Dreamhouse are both national but I am certain that will be some that are local for you.

Also ask you loan consultant about 103% and First Horizon's 107% loans. The rates are slightly higher but they will also cover some or all of your closing costs.

I used Ameridream, combined with 6% seller assist I had no out of pocket closing costs.

USDA Rural Development has grants. Have your agent give you their number.

Have the down rolled into the loan.

Have a relative give you a cash gift.

Consult your Real Estate Agent.

http://www.pauld-kw.com/

Need a good Realtor?

If In Alabama - e-mail me

If not in Alabama - I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North Amercia.

http://www.pauld-kw.com/

If you have been pre-approved for a mortgage, then why are you looking for down payment assistance? The mortgage application should have asked you the the amount of down payment you have and what the source of those funds are. Did you tell the truth on your mortgage application?

Hard work and saving.