Introduction To Down Payment Assistance Programs
Not every buyer has the requisite savings to put down a 3% or 3.5% down payment when purchasing a house, and seller contributions, realtor contributions and lender contributions are not allowed to be a part of the down payment. As such, a market has developed for programs to help people buy a house without having to save a substantial amount of money for their down payment. This is where this program comes into play
Benefits Of Using Our Down Payment Assistance Program
The Down Payment Assistance Program we offer comes with a two percent down payment assistance at the time of purchase, and can also be paired with a six percent seller contribution when buying a home. Essentially, what that means is that our borrowers can get an FHA loan, roll in their up front mortgage insurance premium, negotiate seller contributions for closing costs and receive a two percent down payment assistance, effectively moving into their property for a firm and solid 1.5% of the purchase price of the property, at the end of the day. That means, a median price home in Texas, roughly in the $200,000 range, can be purchased with no more than $3,000.00 as a down payment. Many borrowers, buying homes closer to $100,000.00 will find that with a down payment assistance program they can move into their house for less than the cost of a rental deposit, making the dream of home ownership more affordable.
This down payment assistance program we use is special because unlike many different programs ours does not come with a requirement to pay back or to stay in the residence for a number of years. If you make six payments on time all obligation to repay the down payment assistance is then gone, and a borrower can sell or refinance their property without paying that two percent back, nor having to stay in that loan long term.
Down Payment Assistance Program Loan Eligibility And Requirements
Every Down Payment Assistance Program is different, but ours offers tons of people the opportunity to participate in this program. Among those eligible
1) First Time Home Buyers (defined as people who haven’t owned a home in the previous three years)
2) Members of the hero program (military, medical, police and fire fighters, educators, and many others)
3) Any individuals making no more than 140% of median income in their area
How We Can Help
We love to help people get into their first home. Even if you don’t think you have enough money for a down payment we might be able to help you out.
Call today at 832-557-1095, email at email@example.com or apply here now!