
	First Time Home Buyer Newsletter Prepared for Your Subscriber's Full Name		Courtesy of: Your Name Your Company Name Company Phone # Your Website

	Coming up with a Down Payment for Your Home Coming up with a down payment can be challenging. Here are some suggestions for raising the necessary funds.

When you venture into the housing market for the first time, you want to buy the best home you can afford. But coming up with the usual 15 to 20 percent of your purchase price up front can be challenging. Here are a few tips on pulling together your down payment: Bank your extra money. Any time you get a tax refund, bonus, commission or birthday check, put it into a separate savings account that you never touch. Live on one income. If you are a couple, try living on one partner's income while saving the other's. Invest the money in a conservative investment, such as a CD or short-term bond. Get rid of your second car. Or your land line phone. Or drop to a lower cable service tier. Pare down your lifestyle so that you can add to your savings each month. Get a roommate. Change your lifestyle from solo to shared living. This will reduce your rent and allow you to save more. Pay off your debt. Get rid of debts with high interest rates, such as outstanding credit-card balances. This will ease the strain on your wallet and improve your credit rating. When your debts are paid off, try to save the money that would have gone to payments every month.	Take a second (piggyback) mortgage. If you can't get five percent or more together for your down payment, you may be able to get a piggyback loan to cover what your first mortgage doesn't. Many lenders will allow combo loan programs such as an 80/20 (80% first mortgage / 20% second mortgage) if your credit score qualifies. I can help place you with a lender that offers an 80/20 mortgage program Ask me about Fannie Mae or Freddie Mac products. Both of these Congress-chartered companies have flexible, low down-payment products that allow you to buy a home with down payments of zero to three percent. Ask your family. Parents or grandparents can be a great resource. They may be able to lend you money at a low interest rate. Find out about loan assistance programs. Government organizations like Veteran Affairs and the Federal Housing Administration offer programs that help people who don't have large down payments obtain mortgage financing. Also, check with your state and local housing authorities to find out what they can offer. Get a second job. If your schedule allows, take a second job and put away all the income you make. You can often find interesting jobs by going to CraigsList.org and clicking on your nearest city or metropolitan area.	Inquire about seller assist programs. Work with your Realtor to see if the seller will pay up to 6% of your closing costs, instead of accepting a lower price offer. The seller will net the same amount, but you will get the extra cash you need to get to settlement. We may also have third-party gifting programs that are paid for by the seller, but which get around some of the lenders' limitations. Ask me to see if we have any of these programs currently available. I hope this information gives you some ideas of how you can put away money for your down payment, or let you know of alternatives to a standard down payment. Remember, the more you finance, the higher your mortgage payments will be. As a rule of thumb, at 7% interest on a 30 year mortgage, every $1000 financed will cost you about $6.65 per month in principal and interest In future issues of this newsletter, you will learn more about different financing options. If you have any questions at all, be sure to contact me so I can help you.		About My Services I would like to help you with the task of buying a home. To do this, I am able to do the following for you: Evaluate your credit and rental payment history Advise you on the various types of mortgage programs Resolve any issues on your credit report that can affect your mortgage. Determine the largest mortgage for which you qualify Make sure you have all the required loan documents Provide you with a Good Faith Estimate of closing costs Keep you informed as to changes in mortgage interest rates Determine any seller assist that you may ask from a property seller Co-ordinate all aspects of settlement or escrow, including title search, appraisal, paperwork and other services At Your Company Name, we offer mortgages for most buyers, including ones who are self-employed or who have damaged credit. We have lenders who offer 100% financing meaning no down payment for qualified buyers. We also offer mortgages with start rates as low as 1%, making it easier to get into your home. If you have any questions about how I can help you purchase your home, please call me at Company Phone #.