Trying to buy a first home in some of the most expensive housing markets is difficult as you try to save enough money for a down payment. What many would-be home buyers don’t realize is there is a tremendous amount of financial help available for first-time buyers in many of America’s priciest markets. In some, a buyer can score as much as $100,000 in down payment assistance.
This type of assistance comes in several forms: low-interest-rate loans, grants, tax credits, and other creative financing options that can have buyers moving into a home of their dreams. For instance, in Los Angeles, you can get a down payment assistance of an average of $40,600. In some metro areas, buyers can even get interest-free, deferred-payment loans that don’t need to be paid back if they stay in the home for a certain number of years.