Down Payment Assistance Is Available Throughout the United States

Mortgage Secrets has emphasized various Fannie's initiatives only because Fannie provides the largest and most widely publicized effort to encourage local governments to offer financial assistance to first-time homebuy-ers. Yet, many large and small cities and counties haven't waited for Fannie to lead the way. They offer their own down payment and assistance programs.

In Cobb County, Georgia, for example, Donna White and her two children bought in the Parkside at Village on the Park new home development. To help swing the deal, Donna enlisted sales agent Jeannie Tucker to come up with some creative finance options. "We'll work with a buyer any way we can," says Jeannie, who prides herself on keeping up with all the special mortgage programs in the Atlanta area. "Many people have good credit and can manage house payments, but they just don't have that down payment."

To help Donna raise down-payment money, Jeannie put her in touch with Max Stone, a loan officer at Traditional Mortgage Corporation. With Max handling the paperwork, Donna was approved for down-payment assistance offered by Cobb Housing Inc.'s First HOME program. "Most of my business is first-time buyers," reports Max. "These creative financing options involve extra paperwork and take more time. But because of these programs, some borrowers get in a home who wouldn't have otherwise."

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