Do You Qualify? Navigating your down payment assistance options.

Did you know that 87% of U.S. homes qualify for down payment assistance?

For many, learning how to qualify for a down payment assistance program is a frustrating and confusing experience.  This article will help you understand what the criteria are and how to qualify for a down payment assistance program.

Some of the same advice you might give your teenager who is about to leave for college also applies to home buying: educate yourself, if you don’t know something, find experts who can help, when things get tight, get creative and always ask questions.

Many of the down payment assistant programs vary by location and their qualifications differ. Also, funding comes and goes. Because of this complexity, you’ll need two things, determination and expert assistance.

There is an overabundance of information available about what you need to know about payment assistance options, but it gets overwhelming.  Here is a breakdown; down payment assistance programs are available for qualified homebuyers like you.  Programs are available at the state, local and municipal level.  Your lender and housing counselor should be able to help you with down payment assistance programs.  To understand how to qualify for a down payment assistance loan, you have to know what the guidelines and criteria are.

The formula made simple; what you need to know:

  1. First time home buyer status (many programs don’t require you to be a first time homebuyer and you can even own homes with some programs)
  2. Income limits for down payment assistance
  3. Maximum debt-to-ratioNavigating your down payment options with a compass
  4. Minimum credit score to qualify for assistance
  5. Loan programs
  6. Property type
  7. Geographic location
  8. Occupancy
  9. Maximum loan amount
  10. Sale price limits
  11. Minimum borrower contribution
  12. Attend a home buyer education class

Going back to the advice we gave our proverbial teenager, we’ve started educating ourselves.  Next, find some help.  Reach out to experts like real estate agents, lenders and mortgage brokers.

Now that creativity we discussed.  What does creativity and payment assistant options have in common?  Time to think outside of the box.  Some of these homeownership programs are open to anyone who meets income and geographic qualifications. Others are limited to the purchase of a home in a targeted neighborhood. Still others are aimed at particular groups of buyers.

Did you serve in the military?  U.S. military service veterans and their co-borrowers may qualify.

Are you Native American?  You may qualify.

Are you disabled?  You may qualify.

Do you work in the following fields?  Law enforcement, firefighting, education or health care?  You may qualify.

Ask your employer’s human resources department about down-payment assistance programs available through work.

If a new job (at your same salary or better) could help you get into a down-payment assistance program, give it consideration.

Likewise, maybe moving to another town would put you in line for a homebuyer assistance program that is not available to you now.

Cut expenses, sell things you don’t need, borrow from a retirement plan or ask a family member to invest in your future.

If you provide the focus, the expertise you need is out there.

The feeling of accomplishment will be the same, no matter which method you use to pull together the down payment. Your brand new home will be your reward!

The Certo Team
55 N. Arizona Place
Suite #103
Chandler, AZ 85225


Contact a licensed housing specialist now! 602-429-6789