Down Payment Assistance

The general rule of thumb for a down payment on a home is at least 3% which many people aren’t able to afford. That’s why you can get help through a down payment assistance program. They provide a set amount of money to qualified home buyers who can then use it to cover their down payment or closing costs. The money you receive can be considered a grant, an interest-free loan or debt you pay off in the future. You ‘d usually have to live in the home as your principal residence for a certain period of time to avoid having to repay the money.

Down payment assistance programs are designed to help home buyers who might otherwise be shut out of the market. If your credit isn’t in the best shape, it may be best to work on improving it before seeking pre-approval or applying for assistance. The best way to do that is pay all of your bills on time, pay down your existing debts and avoid applications for new debt until you’re able to get pre-approved.

Interested in learning more about down payment assistance? Contact us HERE!