mortgage help

Ways That First-Time Homeowners Are Getting Mortgage Help

If you have recently purchased a home, congratulations! That is a major accomplishment, and one to be extremely proud of.

Now comes the hard part. Mortgages come with the homeownership territory, and many homeowners often need mortgage help, whether it’s because of a temporary financial issue or because they have been impacted by a difficult event, such as a pandemic or a natural disaster. 

These events hit particularly hard for first-time homeowners who usually have more limited financial resources, lower salaries, and not as much savings as long-time homeowners. Learn more below how you can receive assistance with down payments, down payment matches, grants, payment assistance, and how an online payday loan could assist you.

Thankfully, there is a lot of mortgage help available for those buying their first place.

Here's How To Get Help With Your Mortgage

Assistance with Down Payment

One of the keys to a lower mortgage payment is a large down payment. That is not always possible, especially with high home costs during a hot housing market.

Several different forms of down payment assistance, or DPA, are available for first-time buyers.

These come in different forms, including a grant, matching savings, or even a second mortgage. No two mortgages are ever the same, and second mortgages often come with a range of repayment structures.

Down-Payment Savings Matches

By matching the savings of the borrower, these programs assist with the amount that first-time homebuyers put down on a home. Such programs work by matching funds up to a set amount and are structured over a set time. Such assistance may only go toward either closing costs or down payments.

You can look for these programs at both the state and federal levels. Several state agencies have what’s called Individual Development Accounts that may put in $3 for every $1 of the borrower’s savings. Borrowers earn the match while closing on their home if they follow the plan and save a set amount.


There are three first-time homebuyer grants that are extremely popular: Bank of America grant programs, the National Homebuyers Fund, and the Chase Homebuyer Grant.

All vary in their terms and eligibility requirements, but first-time homebuyer grants are typically given to borrowers with low or moderate incomes (usually those who earn up to 80% of the area median income). Common requirements include having a minimum credit score and there may be limits on the home’s price. On the plus side, first-time homebuyers may qualify for multiple grants.

A real estate agent or loan officer can often steer you in the right direction if you need mortgage help through grants. Another great place to look is at local nonprofits or housing authorities. Those who work at community banks or credit unions may also take advantage of grants offered by their employer.

Down Payment Assistance Loans

Another route to go is a bit more conventional. First-time homebuyers may go with a slew of different low-interest loans in the form of second mortgages, which can go a long way in helping with closing costs as well as down payments. There are also deferred-payment loans, which do not charge interest but must be repaid fully when a home is sold or refinanced.

Other Forms of Mortgage Assistance

  • Ask around at work. Many employers have programs that help workers with housing, including forgivable loans, especially if the home is near the workplace.
  • Check with a nonprofit. Several, like the Neighborhood Assistance Corporation of America, offer low-rate mortgages to those who qualify. Both national and local nonprofits offer down payment assistance programs.
  • FHA loans are offered through the U.S. Federal Housing Administration, and they are extremely popular with first-time homebuyers since they need just a 3.5% down payment. Nearly 3/4 of those going with an FHA loan were able to put down less than 10% on their first home.

Consider Online Payday Loans

If you are coping with a financial emergency while trying to buy your first home, online payday loans are another option. A type of short-term loan designed to help cover a financial issue in between paychecks, online payday loans are fast and easy to qualify for. At Carolina Payday Loans, Inc. you may qualify for a payday loan of up to $550 in as little as 30 minutes.

balance of payday loan cash and home payment

All you need is a driver’s license or government-issued I.D., your most recent pay stub, and a blank check from a checking account that is active and in your name.

Then go online, fill out the short online payday loans inquiry form on our website, and a loan representative will give you a quick call and walk you through the rest of the process. After you qualify and are approved, you will receive your cash the same day or the very next business day.

Get Started Today

Homebuying is an exciting time, especially for those picking out their first house. It can also be a financial strain. Online payday loans may help, and it’s as easy as going online, giving us a call, or visiting a Carolina Payday Loans, Inc. location near you.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.