There are always state, city and even some county programs that offer first time home buyers cash assistance for a down payment.  While many offer this assistance to home buyers within a specific income bracket there are also programs offered to specific employment categories, such as law enforcement and teachers.

With our current real estate downturn many potential home buyers are finding the newest advantageous programs for down payment and closing costs assistance.  Many developers find themselves losing out big in the real estate market; as an incentive to sell their inventory you might just luck out with assistance towards your down payment and closing costs.  You’re looking at the least amount of money out of pocket on a brand new home.

New home buyers should also look at neighborhoods offering redevelopment programs.  While the word “redevelopment” has had a negative connotation for residential communities, this option can turn out to be a positive for you.  Re-development is only rehabbing and doesn’t necessarily mean bad neighborhoods.  Just consider to look around – Many will offer a grant to help with your down payment and closing costs and you could wind up with a diamond in the rough.

Additionally, many lenders offer their own grant programs to help first time home buyers with their down payment.  In partnerships with the city and state, many lenders have programs designed to help low to moderate income individuals with up to 80% down payment assistance on a new home.  Once the lender agrees to participate in the program, many will adopt new credit standards to promote more affordable housing.

There are always programs out there to help get you into a home; remember, seek and you shall find!