Did you know that over 75% of all home buyers qualify for down payment assistance. Many prospective home buyers (single family or condo) thinking about buying a home have put off pursuing financing options because they’re pessimistic about being able to qualify for a mortgage. There are many down payment programs available and some extend beyond just first time home buyers. Down payment assistance tends to suffer from a lack of awareness, so talk with your lender and take the time to research these programs as part of the loan process.
In most cases down payment assistance is offered in the form of a second zero or low interest mortgage. There is no repayment of that mortgage due until the home is sold, refinanced or transferred. With down payment assistance qualified buyers can receive as much as 3% of the mortgage loan amount to be applied toward the down payment and closing costs.
For more information about eligibility requirements contact a lender who offers down payment assistance programs. Buyers will need to complete a buyer education class (offered by many lenders) and must plan to use the property as their primary residence. With mortgage interest rates at historic lows and rents continuing to increase, this is an excellent time to buy a home.