There is finally money available in a few select cities including Sandy for both downpayment assistance and closing costs assistance not to exceed $10,000. The great thing about this program is that you pay no interest and no payment on the money so long as you own the home. Once you sell it, you have to pay it back. But you only pay back the same amount that you borrowed. Feel free to contact me if you'd like more info. paolafranco3@gmail.com

One of the best programs out there, in my opinion, is the Utah First Time Homebuyer's Program. Basically, it allows you to take out a second mortgage to cover the down payment and closing costs on your home. You end up with two mortgages, but it's definitely possible to buy a home with little to no money out of pocket. Not all lenders can do the program, and you'll definitely want to make sure you find a lender who is familiar with the program.

sorry the rest of my response was cut off, here it is...

THERE ARE SPECIAL MORTGAGES FOR FIRST-TIME HOMEBUYERS, Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities.

Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable, since it will be easier for you to monitor the status of your application and ask questions. Plus, it's beneficial when the lender knows home values and conditions in the local area. Do research and ask family, friends, and your real estate agent for recommendations.

If you have any more questions or would like a few referrals to my trusted resources please call me directly or visit http://www.listedinutah.com/fine/real/estate/resources/custom

I hope this information is helpful & thanks for using Trulia,

Kris Furrow - RealEstate.com Realtors 801.916.0815

Hi Jayne,
There are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs,including the Veteran's Administration's programs and the Department of Agriculture's programs. Most people have heard of FHA mortgages. FHA doesn't actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Talk to your real estate broker about the various kinds of loans, before you begin shopping for a mortgage.