Many local assistance programs can be used together with each other or in conjunction with an FHA loan. These additional down payment assistance programs (learn about the most common types here) can take a second or even third lien position, meaning the first mortgage (your FHA loan, for example) is the primary lien, and the assistance programs.
pay for insurance to protect mortgage lenders against the risk that borrowers won’t pay them back. MIPs add to a borrower’s costs, but they allow you buy a house with a lower down payment than the.
This doesn’t mean that these programs aren’t worthwhile. For some buyers, they might offer the best path to homeownership. It’s just important for buyers to do their research before they apply for a mortgage through a down payment assistance program.. Finding down payment assistance in your area