Most lenders require a 10 percent or larger down payment before they will write a mortgage. The majority of home buyers can afford a mortgage payment but have difficulty coming up with the funds that are needed for the down payment and closing costs on the home. Fortunately, there is assistance out there that can help you with this down payment so that you can get in the home of your dreams. Your REALTOR® is a great source to help you understand how this assistance works and also to guide you through the process of applying for and receiving down payment assistance.
Down payment assistance can be in the form of a gift or a grant. There are programs at the local, state and federal level that can help would-be homeowners make the final step into home ownership by helping them obtain a gift or grant for down payment assistance. Most of these programs are only for first-time home buyers or someone who has not owned a home within the past three years. These tips will help you expedite the process of applying for down payment assistance to buy a home.
We are standing by and ready to help you find the home of your dreams. If you have questions about finding a home, down payment assistance, being approved for a mortgage loan, or buying a home, contact us now!