First-time homebuyer program

[Andrew Tuquilar]

Hey guys,

I'm in the process of buying my first investment property that I plan to live in for 2-3 years. In my area, they are offering the first-time homebuyer program that offers 3.375% interest rate loans. There is also a down-payment assisstance feature that you can do.

This feature is essentially a loan for the down payment and closing costs that has a 0% interest rate. You pay back that loan either when you sell the house or move out (& rent it out). It's nice because you don't pay any interest.

I have been starting to save up my money for a downpayment, but do you think it would be a good idea to utilize the down payment assistance? Then I could use the cash I saved up for repairs, upgrades, etc.

Let me know what you think. Thanks!