One of the most common deterrents to first-time home buyers is the lack of a down payment. However, the home loan industry has practically re-created itself in the last ten years, making it easier than ever to obtain a mortgage, and new mortgage programs are always cropping up.

Some states sponsor loan programs that allow buyers to purchase a home without putting any money down. A parent or other relative can guarantee repayment of ten percent of the loan if the buyer defaults. The only cash needed is for the closing costs, which typically run about three percent of the loan. Parents can also give their children down payment help through a personal note or second trust deed. The terms can be set up for monthly payments or annual payments amortized over a period of time. You could pay the interest only, and have the payoff due when the property is sold.

With so many alternatives, doesn't it make sense to call your real estate agent for a free consultation? You may be closer to home ownership than you think.

	See All Tips In The "First Time Buyers" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

The Mike Carney Team
Keller Williams Realty
100 Canal Pionte Blvd. Suite 120
Princeton, NJ 08540
609-647-8894
Fax: 609-424-0273
michaelcarney@NUMBER1EXPERT.com

www.MichaelCarneyHomes.com is brought to you by The Mike Carney Team
NUMBER1EXPERT™ in real estate for Mercer County, Burlington County and Middlesex County, New Jersey

Read The Mike Carney Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge