Down Payment Assistance Programs And 100% Mortgage Financing For Connecticut First Time Homebuyers

With the demise of all the 100% financing programs offered by many Connecticut mortgage lenders there are few programs that help people buy homes. Without a doubt the biggest loser in the mortgage meltdown mess is the homebuyer and the homeowner with an adjustable mortgage. However, the first time homebuyer is in the biggest predicament because not only are there few Connecticut mortgage lenders that will finance someone who does not have perfect credit, but they now require you to have much larger down payments than has previously been required in past years.

The first time homebuyer in Connecticut has also faced another type of challenge as well. Most recently down payment assistance programs have also faced opposition from lawmakers who feel that organizations that coordinate sellers who want to help buyers of their homes by contributing towards the down payment presents some type of conflict of interests. I personally feel that this is rubbish.

These days when qualifying for a mortgage more lenders are requiring larger down payments in order to get to the 100% financing that is needed. In order to solve this problem you need to know about the major down payment assistance program that will allow homebuyers to get up to 10% of the purchase price from the seller in the form of a grant. I think that this down payment assistance program is great for the type of market that we are currently in. Without this program so many Connecticut first time homebuyers would be left to pay rent for the next ten or more years.

The name of the organization that I like is Ameridream. This organization walks a first time homebuyer through the entire process from beginning to end. Using their grant program will allow you to save more money on your monthly payments because you are not borrowing it. The grant program will allow you to keep the cash in your bank account so that you can afford to buy furniture when you first move in. More importantly the grant program is available for anyone who is looking to buy a home regardless of your income, race or location in Connecticut.

The only challenge with the Ameridream program is that you must work with a Connecticut mortgage lender that knows how to get you approved for a FHA mortgage to use in conjunction with the grant program.

If you want to apply for a low-interest rate mortgage then give us a call today at 203-483-0061.