Think You Need Thousands to Buy a Home? Think Again

In this episode of the Real Estate Update Podcast, host Paul Centopani sits down with Rod See, Managing Director of Community Lending and Senior Vice President at Cornerstone Home Lending, to discuss one of the biggest misconceptions keeping people from buying a home: the belief that you need tens of thousands of dollars saved before you can even get started. Rod explains why many buyers who qualify for a mortgage never realize they may also qualify for programs that can significantly reduce the upfront costs of homeownership. If you've been waiting to buy because you think you don't have enough cash, this conversation may change the way you think about the homebuying process.Rod breaks down how down payment assistance programs work, the differences between grants and repayable assistance, and how local, state, and national programs can help cover down payments, closing costs, and other expenses. He also explains how buyers can find these programs, what lenders look for during the application process, whether using down payment assistance affects the strength of an offer, and why these programs are often far more accessible than many first-time homebuyers realize.The conversation also explores other affordability options like USDA and VA loans before Rod shares his biggest piece of advice for first-time homebuyers: start planning long before your lease ends. Through a real client success story, he demonstrates how combining smart financial planning with down payment assistance helped one family purchase the home they wanted while keeping more money in their pocket. Whether you're preparing to buy your first home or simply want to better understand your mortgage options, this episode is packed with practical mortgage advice and homebuyer tips to help you make more informed decisions.Subscribe for more mortgage news, housing news, homebuyer tips, and real estate market updates.Comment below: What's the biggest obstacle keeping you from buying a home right now? We'd love to hear your thoughts.Connect with Mortgage Research Network:YouTube: ⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/@MortgageResearchNetwork⁠⁠⁠⁠⁠⁠⁠Instagram: ⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/mortgageresearchnetwork/⁠⁠⁠⁠⁠⁠⁠Facebook: ⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/mtgresearchnews⁠⁠⁠⁠⁠⁠⁠Website: ⁠⁠⁠⁠⁠⁠⁠MortgageResearch.com⁠⁠⁠⁠⁠⁠⁠Connect with Rod See:LinkedIn: https://www.linkedin.com/in/rodsee/First Time Homebuyer Cheat Sheet: ⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4w8CiVM⁠⁠⁠⁠⁠⁠⁠Homebuyer Calculators: ⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4n0hDPv⁠⁠⁠⁠⁠⁠⁠Connect With a Lender: ⁠⁠⁠⁠⁠⁠⁠https://bit.ly/426Gyaw------0:00 – Intro0:24 – What Community Lending Really Does2:43 – Why So Many Buyers Think They Can't Buy3:50 – How Down Payment Assistance Works5:17 – Grants vs. Repayable Assistance8:55 – Finding Down Payment Assistance Programs11:18 – How to Apply for DPA12:39 – When the Money Arrives14:06 – Does Down Payment Assistance Hurt Your Offer?17:04 – Other Programs That Help Homebuyers18:17 – Rod's Best Advice for First-Time Buyers20:05 – How One Single Mom Bought Her Dream Home22:28 – Outro------#downpaymentassistance #firsttimehomebuyer #mortgagetips