There are many down-payment assistance programs available across the U.S., all of which can help you purchase a home sooner than you think. Eligibility requirements vary, but there are some common positive features found in these specialized buying programs.
Helps You Purchase a Home Sooner
Assistance programs are an immediate solution to building your buying power. With it, you take action on a purchase quickly and competitively. Down payment assistance programs also give you a cushion of available funds for home maintenance and emergencies.
Makes Buying a Home Affordable and Feasible
All income levels felt the pinch of the housing crises. If this describes you, you'll want to ensure that your home purchase this time around is an affordable and sustainable one. Also, home assistance programs assist you to build equity by taking advantage of record low-interest rates.
Offset the Increases in FHA Premiums
The Federal Housing Administration (FHA) has long been the go-to place for home buyers to get a low-cost, low down-payment loan for their first home. Many even argue that it was the FHA that sustained housing market when it had a downturn some years back.
The FHA has made some recent changes to their program, such as increasing premiums, increasing down payments for some borrowers, as well as stricter guidelines that minimize their risk. However, many are unaware that FHA loans can be combined with a down payment assistance program to help offset these increases.
Helps You to Live Closer to Work
Public service employees, such as police officers, firefighters, and teachers, may live far from the community they serve if it's an expensive area. If you serve the public in any of these professions, a down payment assistance program can make it possible for you to live near where you work! Programs such as these are designed to help keep essential professionals in the community while reducing commuting costs.
Provides Helpful Homeownership Education
Most programs require homebuyers to complete homeownership education before they qualify. It covers the process of applying for a loan as well as home ownership responsibilities, and contract obligations. This important and fundamental education will help prepare you for purchasing your home and set you up for success in homeownership.
Find A Down Payment Assistance Program
Interested in a down payment assistance program? Call our office today and get matched with the right mortgage option for your financial needs!