Carpenter Parham

Don’t let your own assumptions hold you back! Whatever is on your credit score, we have seen it before! We can let you know what your current approval status is, how much, what rate, and if not we can give you guided steps to get your credit back in order.

4 Types of Down Payment & Closing Cost Assistance for First-Time Homebuyers

1. Grant Programs

A grant is free money applied directly toward your down payment or closing costs. These funds usually come from the lender or one of their approved partners.

No repayment required

Reduces the amount of cash you need at closing

Ideal for buyers who qualify but need help with upfront costs

👉 Think of this as a true gift to help you get into your home sooner.

2. Deferred Second Mortgage Assistance

Some lenders offer down payment assistance as a second mortgage with no monthly payment.

No interest or very low interest

No payments due while you live in the home

Repaid only when you sell or refinance

👉 This option helps buyers purchase now without increasing their monthly housing payment.

3. Seller Concessions

Seller concessions allow the seller to contribute 3%–6% of the purchase price toward your closing costs.

Reduces your out-of-pocket expenses

Often negotiated as part of the purchase contract

Can be combined with other assistance programs

👉 This is a powerful way to lower the cash you need to bring to closing.

4. HomeOne® Credit (Up to $2,500)

First-time homebuyers may qualify for up to $2,500 toward closing costs through the HomeOne® program.

No repayment required

No income limits

No additional strings attached

👉 This credit can make a meaningful difference in affordability, especially for first-time buyers.

Bottom Line

Many first-time buyers think they need a large down payment, but multiple assistance options can work together to significantly reduce upfront costs. A knowledgeable lender can help determine which programs you qualify for and how to stack them effectively.

Easiest Thing to do is fill out an application at gainmortgagegroup.com and give me a call!
405-420-5413

New Listing Loan Profile:

10005 Sunnymeade Place, Oklahoma City, Oklahoma, 73120

First Time Home Buyer:
Purchase Price $285,000
Down Payment less than $10,000 (3.5%)
Montly Payment = ~$1750

Conventional Home Buyer:
Purchase Price $285,000
Minimum Down Payment $28,500 (10%)
Monthly Payment = ~1600

FHA Home Buyer:
Purchase Price $285,000
Mininmum Down $8,550 (3-3.5%)
Monthly Payment = ~1700

Carpenter Parham
405-420-5413
www.gainmortgagegroup.com

Carpenter with Gain Mortgage Group

Borrower Question of the day:

My lease isn’t up until summer so I have to wait.

This one of the biggest misconceptions I hear from renters that want to buy

Your lease ends in July, August, even December so you assume buying right now isn’t an option.

You think the timing wont work you’ll be stuck paying double or breaking the lease will cost you thousands

That is exactly why we have a lease to loan program,

For example a lease that ends in April. We put you under contract early, often months before your lease ends. Let’s say late January early February. We structure the contract with an April 1st or 15th closing date. That means your first mortgage payment is not until June 1st and not late until the 15th.

Once you’ve gone through the option period on your real estate contract you can submit a 60 day to your landlord in early February. That puts your lease up around early April.

Don’t make assumptions and you are not on your own, ask you local mortgage and real estate experts at Gain Mortgage Group about a Lease to Loan Program or any other borrower needs.

Carpenter Parham
www.gainmortgagegroup.com
405-420-5413

Listed and sold: 8327 Glenwood Ave — Nichols Hills, Pennington Addition. What a rewarding process from the initial listing to a successful closing. This home showcased beautifully, and we attracted the right buyers quickly thanks to targeted staging, professional photography, and a focused marketing plan. Congratulations to my sellers for trusting the strategy and to the new homeowners — welcome to a wonderful neighborhood. If you’re thinking about selling, I’ll build a custom plan to present your home at its best and connect you with motivated buyers.

Carpenter Parham
405-420-5413
www,carpenterparham.com