Is it possible to get help with down payment and closing costs if I am a repeat homebuyer?
Answer:Yes, it is possible to get help with down payment and closing costs, if you are a repeat home buyer. Non-government or private down payment assistance providers do not necessarily offer down payment assistance to first-time home buyers only.
The help with down payment and closing costs provided by some organizations are in fact discount from 3 to 10% on the seller's part. The seller pays a processing fee of around $700 - $1000 to the intermediary organization for matching them with a buyer and that's it.
The opportunity is usually available to both first-time and repeat home buyers, although there are charities targeting first-time home buyers only. A first-time homebuyer is one with no track of homeownership for the last three years.
Using help with down payment and closing costs through government or private DPA (down payment assistance) programs is a current trend allowing buyers to get more affordable housing, and sellers to sell more quickly. Federal law prohibits home builders and sellers funding buyers directly, but they are allowed to do this through organizations in charity standing.
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