Not every lender can offer this unique loan program. Instead of requiring a 3% down payment, a second lien for that 3% is added to the loan. This program is ideal for someone starting out—someone with good credit and a stable income but without the time to save up a down payment. Additionally, buyers can negotiate with the seller to contribute up to 6% of the purchase price toward prepaids and closing costs. After a few years of making payments, when it’s time to refinance or move up to a larger home, the buyer can pay off the second lien as part of that process. This program is designed to relieve some of the stress first-time buyers may feel about needing significant funds at the outset of their careers. At Barrett Financial, we prioritize taking a complete application right from the start of the process. By gathering all necessary documentation upfront, we minimize the need to request additional information later, creating a smoother, faster, and less stressful experience for everyone involved.