Do You Qualify? Navigating your down payment assistance options.
Did you know that 87% of U.S. homes qualify for down payment assistance?
For some, the process of learning how to qualify for a down payment is downright frustrating and confusing. Please continue reading as we help you understand the in’s and out’s of how to qualify for a down payment assistance program.
If we liken the home loan qualifying process to a teenager who is about to leave for college; these are some steps to take when it pertains to the home buying experience. The most important thing to do is to educate yourself, if you don’t know something, find experts who can help.
Educate yourself on the varying down payment assistant programs, as many vary by location and their qualifications differ. Another thing to keep in mind is that funding comes and goes. As a result you’ll need two things, determination, and expert assistance.
When you seek information about your down payment assistance options, you will likely find an overabundance of information and easily become overwhelmed, but what you need to know is that down payment assistance programs are available for qualified homebuyers like you. You will also be happy to discover that programs are available at the state, local and municipal level.
To be assured to get the best and most accurate information you should contact your lender. Your lender is aware of what the guidelines and criteria are to qualify for a down payment assistance loan.
Your lender can give you a breakdown of the formula and make it simple for you to understand.
Many programs don’t require you to be a first-time homebuyer, but this varies.
Income limits for down payment assistance
Minimum credit score to qualify for assistance
Maximum loan amount
Sale price limits
Minimum borrower contribution
Attend a homebuyer education class
Going back to our analogy of the teenager going off to college, we have now learned the importance of educating ourselves. Next, find some help. Reach out to experts like real estate agents, lenders and mortgage brokers.
Remember, if you provide the focus and determination, the expertise you need is out there.
No matter which method you use to pull together the down payment, the feeling of accomplishment will be the same; you are now a homeowner.
The Certo Team
55 N. Arizona Place
Chandler, AZ 85225
Contact a licensed housing specialist now! 602-429-6789