First Time Home Buyer Down Payment Assistance

First Time Home Buyer Down Payment Assistance

These programs are amazing for First Time Home Buyers.  Depending upon the amount of the grant, it can greatly reduce the amount of the down payment required by the buyer to bring to settlement.  In some rare circumstances, it could even eliminate it!  I've seen it.

Qualifications

It is best to speak with a lender.  There are various qualifications depending on the grant.  For example: income, location of property and other qualifications.  Talk to your Real Estate agent.  In most cases they have a trusted preferred lender that can provide information and preapproval.

What Do You do? 

Talk to your Realtor to get a referral for a trusted lender.  The lender can provide information.  For most grants the buyer(s) is required to attend a class (or classes), have a one on one with a counselor and whatever other requirements maybe necesssary.

CAUTION!!!

If you are considering using a grant, don't put the barrel before the horse.  Meet with a REALTOR to get a referral of a preferred lender whom works with grants.  For some grants there are requirements before a contract can be written on a property.  

If this is not reviewed, the buyer could be disqualified from using the grant funds.  Get all the information up front! There is a lot of money at stake.

I don't qualify?

If you don't qualify for a grant.  Don't panic!  There may be other options available to you.  The lender can review these various options with you.  Just to name a few:  Gift from a family member, Borrow from retirement.  

*Consult with Tax Professional/Accountant and Human Resources to determine the impact of borrowing from Retirement funds. 

Start Search

Make Appointment

www.MobileAppHomeSearch.com - Use code KW2JZ0QHX to connect with me