How to do you take the step from dreaming of being a homeowner to having your first set of keys right in your hands? For most potential homebuyers, buying a home seems out of their reach. If you think like most first-time homebuyers, your biggest obstacle would be the down payment part. Though it could be highly rewarding to clearly understand your various options for a down payment. For millennial with student loans to settle and for those with credit card debts to pay off, most of them wonder if they’ll ever be able to make enough savings for down payment, (most often 3-20% of the purchase price).
There are over 2,500 programs for the benefit of homebuyers available across the country- each of them can be as unique as each homebuyer and their communities. Some of these programs are down payment assistant programs and other alternative funding sources for buyers in need of funding.
We’ll talk more on some common ways homebuyers can get the money they need to make a down payment and become homeowners:
- Homeownership Programs: Homeownership programs include grants, loan, credits, tax and other similar programs that can be of help in achieving their down payment faster, cover closing costs and complete the home purchase faster than they would have with other methods.
- Who Offers These Programs: Some agencies offering down payment programs include:
- State Housing Finance Agencies (HFA) one of the best in opportunities.
- Cities and Counties offer adjusted programs for local median income and home values.
- Housing Authorities
- Non-Profit Organizations
- How to Get Qualified for these Programs:
Both the buyer and the home to be purchased must be eligible. These homeownership programs are only created for buyer owner-occupant, no investment properties. Depending on the program you are going in for, you must make the first investment, be qualified for a first mortgage and complete the homebuyer education. Other common factors for eligibility may include the home’s sale’s price, homeowner history, and homebuyer income.
In most cases, homebuyer occupation could be a boost. There are generally additional benefits, or sometimes entirely separate programs, for protectors, educators, veterans, health care workers and households with disabled members.
- Must it be a first-time homebuyer or not?
Anyone can be eligible for the down payment program. First, you need to understand who is referred to as a first-time homebuyer. It does not necessarily mean someone who hasn’t owned a home at first, it means someone who hasn’t owned a home in three years. So, in case you owned a home in the past, but due to certain conditions are renting now, you may be referred to again as a first-time buyer!
REACH OUT TO US AND WE’LL SEE IF YOU QUALIFY FOR ANY DOWN PAYMENT ASSISTANCE!