Down-Payment Assistance
Our company is well equipped to assist families utilizing down payment assistance programs. We have a team of experienced loan officers who can help you find the right program for your needs. We also offer a variety of other services to help you through the homebuying process, such as pre-qualification, home search assistance, and closing assistance.
We understand that buying a home can be a daunting task, but we are here to help you every step of the way. Contact us today to learn more about how we can help you achieve your dream of homeownership.
Here are some additional benefits of down payment assistance programs:
- Reduced monthly mortgage payments: A lower down payment means that you will have to borrow less money, which can result in lower monthly mortgage payments.
- Increased borrowing power: A lower down payment can also increase your borrowing power, which means that you may be able to afford a more expensive home.
- Improved credit score: Making timely payments on a down payment assistance loan can help improve your credit score, which can make it easier to qualify for other loans in the future.
If you are considering buying a home, be sure to explore all of your down payment assistance options. Down payment assistance can make it easier to afford a home and can help you achieve your dream of homeownership.
Public Down Payment Assistance Programs
- Government Appointed Agencies: The leadership and management of these agencies are appointed by state or local government. The geographic and applicant qualification restrictions will match the needs of the government jurisdiction.
- Grants: Grants are free money that you do not have to repay. They can be used for your down payment, closing costs, or other homebuying expenses.
- Forgivable Subordinate Financing: sometimes assistance is provided in the form of a subordinate lien. The lien is often forgiven after a period of time.
- Mortgage credit certificates (MCCs): MCCs are a tax credit that can be used to offset the cost of your mortgage interest. They can be worth up to 20% of your mortgage interest, which can save you thousands of dollars over the life of your loan.
Private Down Payment Assistance Programs
- Nonprofit organizations: Many nonprofit organizations offer down payment assistance programs to help low- and moderate-income families buy homes. These programs can provide grants, loans, or other forms of assistance.
- Employers: some employers offer down payment assistance as part of their employee benefits program.
- Builders and developers: Some builders and developers offer down payment assistance programs as a way to attract buyers. These programs can vary in terms of eligibility requirements and the amount of assistance that is available.
