Where to look for help on a down payment

Hundred dollar bill folded in shape of house

For some would-be home buyers, saving 10% to 20% for a mortgage down payment is impossible.

But there is hope if you are willing to look around for the help.

A friend of mine was desperate to get out of a bad rental situation, and while she and her family could afford a home loan, they could not possibly save enough for a down payment.

Through some diligent Internet research, my friend came across information on the USDA Rural Development home loan program.

It was a perfect fit for this family, which recently purchased its first home with the help of this federal program.

In addition, state and local programs for first-time home buyers and lower-income families generally have available funding because no one knows help is available (most agencies do not actively promote or advertise outside of their own websites), don't think they qualify or are embarrassed to seek aid.

As with the USDA example, my friend told me her counselor said there was plenty of state money but few applicants.

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