Yes, 2012 is the year for first time home buyers. With low interest rates, low home prices and various mortgage options available, it's a great year to get into the housing market. Which leads a lot of first timers to ask, "Where can my down payment come from?"
First of all, not all first time home buyer loans require a down payment. If you're a Veteran you can get a VA loan with zero down. If you're in the right area you can also use the USDA Rural Development option which funds 100% of the home purchase. This also means no down payment.
With that said, many first time home buyers will go with an FHA loan instead. This requires a 3.5% down payment. That's a low down payment option, but it's still a chunk of change. So where can this money come from? In this :60 Mortgage Tip with AmeriFirst Home Mortgage we look at how you can fund your down payment.
Trouble? Click here - 60 Second Mortgage Tip: Where Can My Down Payment Come From?
Get a free eBook below to help you on your first time home buying journey. "The Essential Guide to Buying Your First Home" includes information on down payments as well as FICO scores and more. Get your copy today.