More Down Payment Help
Perhaps the most common deterrent to first-time home buyers is the lack of a down payment. The home loan industry has practically re-created itself in the last ten years, making it easier than ever to obtain a mortgage, and new mortgage programs are always cropping up.

Some states have a state-sponsored loan program which allows buyers to purchase a home without putting any money down. A parent or other relative can guarantee repayment of ten percent of the loan if the buyer defaults. The only cash needed is for the closing costs, which typically run about three percent of the loan.

Parents can also give their children down payment help through a personal note or second trust deed. The terms could be set up for monthly payments or annual payments amortized over a period of time. You could pay the interest only, and have the payoff due when the property is sold.

With so many alternatives, doesn''t it make sense to call your Realtor for a free consultation? You may be closer to the end of the rent trap than you think.