Gifts or grants from qualified housing resources can assist with the down payment amount.

This means that an immediate family member can gift you money towards the down payment and closing costs. The transaction would need to be sourced. Sometimes in your state grant money is available. You need to meet the credit score requirement though.Sharon7th Level Mortgage

Grants and gift money are allowed on certain programs. They allow you to use money from other sources other than yourself towards the down payment.Gift money is money that is given to you by an immediate family member with no expectation of repayment. You must always source where the money came from through a gift letter and bank statements. You loan officer can assist you with this part.There are many sources for grants. They can be from your employer, city or town or state or federal grants. Some are based on income. Some you do not have to pay back if you live in your house for a certain number of years. Sometimes lenders will provide mortgage loans, particularly to first time home buyers, that require NO down payment. There are also federally guaranteed loans that are often available through the VA or the USDA. These require no down payment. Federal programs from the FHA insure loans so local lenders will make minimal-down payment mortgage loans as little as 3.5%. I would be happy to help if you have further questions.

Depending on the loan program chosen, you might be able to use a city, state, or community gift or grant program for your down payment. "Qualified" means a "real" program...

Randolph Savings Bank offers qualifying first time home buyers up to $10,000 or more in grant money. There are some income guidelines that we have to follow but it wouldn't hurt to call or email me to see if I can help. We are an FHA, USDA, MA Housing, RI Housing, & Conforming Direct Lender. All of my contact information can be found on my Lender 411 profile page. Best of luck in your home search, now is definitely a great time to buy in our region..Chris CouchonRandolph Savings Bankccouchon@randolphsavings.comNMLS ID # 981029