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DOWN PAYMENT ASSISTANCE OPTIONS

Posted by Tori Thompson on August 22, 2020
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Down Payment Assistance is Available!

There are many types of down payment and closing assistance programs. If you are thinking about purchasing a home yet, not able to put money aside at this time, this might be the key to your new home. You could wait years and save or you could use a low downpayment mortgage combined with a down payment assistance program.

You may be thinking, down payment help sounds great, but how does down payment assistance how does it work? What process should you follow? While down payment programs vary by state and community, there are some common steps that will help you stay on track if a resources for financing your homeownership goal is part of your plan.

Follow these steps to stay on track:

  1. Research down payment assistance programs in your area. Click here.
  2. Both the buyer and the home must qualify for the assistance. Find out the home price limits and any community or neighborhood boundaries for the program that may impact your home search. Find out if you can use the program on new construction.
  3. Get a list of participating lenders for the program, available on the program provider’s website. Not all lenders offer every program. And it’s perfectly okay to initiate conversation with different lenders to determine which program works bet for your situation.
  4. Get prequalified for a loan so you can review the numbers and make an educated decision on the type of financing.
  5. Compare offers and lenders about any other programs that you may qualify for. You may even be able to layer programs, for example down payment assistance plus a tax credit.
  6. Review mortgage insurance options with your lender.
  7. Complete any homebuyer education courses that may be required to use the program. Click here for Texas specific programs.
  8. Ask about your options for using the funds. Can they be used for down payment or closing costs, or both?

As your Realtor, I will be there to guide you through the process of accessing down payment assistance programs and grants. Don’t hesitate to contact me with any questions!

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