Down payment assistance
Additional Information
Down payment assistance comes in the form of grants, loans and other programs. It’s typically reserved for first-time home buyers only. They can be run by a variety of organizations, such as your local or state housing authority, or by a nonprofit. If you need help with finding the funds you need for down payment or closing costs we can help!
Eligibility is determined by your household income and credit history, varying by state and program. An application is typically needed, and can take from 30-45 days to obtain the funds. Sometimes you’re also required to attend training or home buyer education on the mortgage process and maintaining finances for a nominal fee.
Depending on the program. Some programs will offer a percentage based on the home’s sale price, while others have a limit at a certain dollar amount. Its best to research their requirements, if it’s a grant or loan and how much assistance you can receive. If its a loan you will need to make sure that your lender approves it and understand that you may be required to pay it back when refinancing or when the home is sold.
Assistance for closing costs on FHA loans is capped at 6%. For an FHA loan, you have to put up some of your own money, but most down payment programs will work with FHA loans.
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