Using Down Payment Assistance to Make a Dream a Reality
Overcome a major obstacle.
Down Payment Assistance can help people without substantial savings to overcome the most immediate obstacle in their path to home ownership.
Find favorable terms.
Depending on qualifications, home buyers can find favorable terms for Down Payment Assistance that make sense for their situation and allow them to own an affordable home.
Utilize existing programs.
There are programs available for Down Payment Assistance that often ask for very little qualifying or even reciprocation. That means that those who struggle to make a down payment can find some of the most favorable terms around.
Secure home ownership and stop the rising rent costs.
Owning a home can allow someone to solidify the cost of their housing rather than waiting for a landlord to raise their monthly rent, giving them more freedom and opportunity.
What You Need to Know about the Down Payment Assistance
- Some Down Payment Assistance comes in the form of grants. According to Bankrate.com, for example, buyers can sometimes secure as much as 5% of the purchase price of a home in the form of a grant.
- Down Payment Assistance also comes in the form of a loan. Why not purchase a home if it requires minimal down payment? With Down Payment Assistance in a loan, home buyers can have flexible terms that make the dream of home ownership much closer to a reality.
- Lenders may be happy to assist you. There’s no sneaking around here. Sometimes, the lender of the original loan may be happy to provide Down Payment Assistance. Bankrate.com notes a program that allows buyers to put 3.5% down only.
- Down Payment Assistance erases one of the most common obstacles. It’s not always hard for people with steady income to find a lender. But that issue of down payment can be one of the most popular reasons people don’t qualify for loans. Down Payment Assistance helps overcome this obstacle.
Want to erase one of the hardest obstacles in home ownership?
What Do You Need to Know about Down Payment Assistance?
Q: What is Down Payment Assistance?Down Payment Assistance is help with your down payment that can come in many forms. For some people, it can mean receiving a grant toward the purchase price of a home. In other cases, it may mean that a mortgage loan requires only a small amount of down payment from the borrower, including as little as 3.5%.
Q: What are the terms of Down Payment Assistance?That will depend on the type of assistance you receive. In some cases, if you qualify, you may receive a grant that helps you handle the down payment of a home. In other cases, you may see a home lender use Down Payment Assistance to require less of a down payment on the overall loan. Make sure you understand the individual terms before signing on the dotted line.
Q: How do I qualify for Down Payment Assistance?That will depend on a few factors: your current financial status, the home you’re trying to buy, and the lender you’re working with. However, there’s no harm in finding out if you qualify for Down Payment Assistance with lenders before you move on buying a home.
Q: How much assistance will I get?Again, that depends. For some people, the assistance can mean paying only 3.5% on the down payment of a home. In other cases, a Down Payment or home value grant can mean there’s not much for you to do except accept it.
Use Down Payment Assistance Today
Getting rid of the most difficult obstacle to home ownership is not something to take lightly.
It can be a major step forward in your journey to achieving the dream of home ownership. But is it “too good to be true”? In some cases, it’s simple and straightforward. But as with all things, make sure you properly qualify before you take the next step.
Using Down Payment Assistance can be your ticket out of rising rent costs and money that goes back in your pocket in the form of equity.
Speak with a Down Payment Assistance Specialist today
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