Discover How to Use Down Payment Assistance to Buy Your First Condo
First time home buyers are very different from buyers from other parts of the state of Connecticut. The reason why is simple. Home buyers buy just as many condominiums as single family homes. That is the reason why you should know exactly how to buy your condo and take advantage of tens of thousands of dollars in down payment assistance money to pay your closing costs.
In fact, in my local town of Branford home buyers purchased 189 condos in 2008, compared to 148 single family homes. That is a huge difference. That should point to the clear and obvious fact. Home buyers prefer condo living over house living. Therefore I will reveal the best way to find down payment assistance programs for condo communities.
The first step you should do is to learn which condo communities are approved for the best down payment programs. The easiest method you can use to learn this information is by simply going to your favorite search engine and typing in the search phrase FHA approved condominiums communities, HUD. The letters FHA stands for Federal Housing Authority which is a government agency which oversees home financing options for Americans. FHA is managed by the Housing Urban Development which is why you'll want to enter both acronyms when searching.
When you enter the correct search terms, one of the first results you will see pop up is a link for the HUD website. This is the one and only place to discover exactly which condo communities are currently approved for some of the best down payment programs. You simply enter the zip code and you will have a list of the FHA approved condo communities.
The second step is to visit the HUD website and learn about the down payment programs available to condo buyers. You will discover that it may be best that you find a down payment money expert to help you shift through the potential down payment programs offered by HUD. However, even with that being said you may be able to find all the down payment programs you need without additional help at this phase. But keep in mind that when it comes time to apply for the down payment assistance programs you will definitely need a licensed down payment money expert to help you.
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