3/24/2023 – VIDEO – Does the phrase “down payment assistance” translate to “free money” in your mind? That’s how a lot of people translate that phrase.
Down payment assistance is usually not free though. There are some forgivable programs, or outright grants. However, most often what we see are just second mortgages, with a second mortgage payment or an equity share arrangement. Sometimes the down payment assistance can provide better execution on a mortgage strategy, and sometimes it doesn’t. Listen to our video so you can have some more things to think about as you explore down payment assistance options in your area. Please always feel free to reach out to one of our brokers for help exploring how specific programs can fit into your mortgage strategy.