Purchasing a home is one of the most exciting and significant life milestones you’ll experience. Whether you are a first time buyer, or a seasoned investor, Next Generation Lending makes the process quick and easy.
Next Generation Lending’s purchase programs are tailored to fit your specific lending needs. Learn more about purchase terms, qualifications and expenses before you apply by reviewing the purchase program information below.

Low Down Payment Qualifications
Many factors are considered when applying for a low down payment home loan. These factors include a good credit background, sufficient appraisal value and adequate income to pay the monthly mortgage payment. While these factors are important, other considerations are also taken.

Your home loan professional and home loan officer will be able to discuss your home loan qualifications, which include your ability to pay the closing costs and your long term ability to pay for the home loan.

Down Payment Gifts, Loans and Your 401K
Loans and gifts from family, friends and other organizations can help you put together a down payment sufficient for your home loan needs. The percentage of the loan or gift that is available for use as a down payment can vary depending on the type of home loan you qualify for. It is important to discuss any loans or gifts you plan to use as a down payment with your mortgage lender.

Many companies also offer programs to their employees to make the home buying experience easier. 401K plans are often used for this purpose and employees are permitted to withdraw from their 401K plans without penalty to provide a down payment on a home loan.

Housing Authorities
Housing authorities are agencies in cities and states around the nation that handle housing issues in their designated areas. Many housing authorities strive to provide stable and affordable housing for low and moderate income persons and create living environments that help residents learn to live independently. Your mortgage broker is educated about current housing authority issues and can serve as a liaison between you, the borrower and your Housing Authority.

Down Payment Support Programs
Purchasing a home is a goal shared by many people but it can be difficult for some to collect the funds needed for a down payment. Fortunately, there are many national and state-wide assistance programs for those who need help with down payments. Many assistance programs do not require repayment of the gift and do not place caps on the borrower's income to qualify for assistance. One such program is called Neighborhood Gold. This down payment assistance corporation provides free grant money to borrowers with no down payment. The qualifications for the Neighborhood Gold program are relatively simple to meet, and your mortgage lenders are knowledgeable of the requirements.