All About First-Time Homebuyer Grants

Buying a home can be crazy expensive, and for most first-time buyers, the hardest part is saving up a sizable down payment. You've no doubt heard that the traditional down payment should be 20% of the purchase price -- any less, and you'll likely have to pay private mortgage insurance (PMI) or get stuck with a higher long-term interest rate. And who's got 20% of, say, $300,000 just kicking around in their bank account?