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Contributors to this episode include:
Host - Jeremy Goodrich  Copy Editing - Talia Chakraborty If you enjoyed this episode, stick around:
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Jeremy Goodrich:
Hey there, new home buyers, Jeremy Goodrich here. I am that guy. That guy that bought my first home many, many years ago and had no idea what I was getting into. I didn't use a realtor, I didn't have an inspection, I didn't have a clue what documents I was signing, and I ended up, you guessed it, buying a beat-up old house that I spent years fixing only to sell for way less than I bought it for. When it comes to home buying, I am the story of what not to do. But that guy, that guy is not you. You are two times smarter, you're three times more organized, and you're ten times better looking than he was. You're going to find the right home for the right price, and you're going to have fun doing it. That process starts right here with the New Home Buyers Guide podcast. We're glad you joined us.

Hey there, new home buyers. It's Jeremy and we are at episode five of the New Home Buyers Guide podcast. This episode is so important, it's all about down payments, but very specifically down payment assistance programs. If you qualify, governments at state, local, and federal levels could potentially help you buy a house by giving you some money for the down payment. Our guest today is going to talk in detail about that process, so you can see if you qualify for that program and if it's something that you can try and do, because it is really like free money. He'll describe that, so I don't want to over state it. Listen to our guest and let him describe how the program works.

Our guest today is another friend of mine who works in the home buying process. He's a lender, that means he works for a bank and he puts together loans for people so that they can buy a house. He specializes in loans that connect with first-time home buyers that maybe qualify for down payment assistance. I've been lucky enough to have him help lots of times with questions that I have or my clients have had about lending, and this particular question, I really wanted to dig in with him, because I think the answers are fascinating. Our guest today's name is Kevin Cade. He works at Old National Bank, and he's going to talk about down payment assistance programs. I hope you enjoy our conversation.

Thank you for being with us today.

Kevin Cade:
You're welcome, Jeremy. Good to be here.

Jeremy:
We're going to talk about something really specific today. We're not talking generally about mortgages, we're talking about down payments, and specifically down payment assistance programs. Programs for people who could use assistance with their down payment. I guess maybe the place to start is, what's a down payment?

Kevin:
Well, a down payment is a requirement by any type of loan program you have for folks to put money down to qualify for that particular program. That varies from agency to agency, basically.

Jeremy:
And are there common amounts that someone, that a bank expects from someone for a down payment to give them a loan?

Kevin:
Well, there's minimums. For example, Freddie Mac and Fannie Mae, conventional type loans, require a minimum of 5% down. But they also have programs that allow 3% down with income restrictions, so the folks have to make under a certain threshold o