The Home Down Payment Assistance Program is an affordable housing mortgage assistance program to help low to moderate income individuals and families purchase their first home. Many would-be home-buyers mistakenly believe that they do not have the currency to buy their dream home because they are unaware of down payment assistance programs.
According to a study by data aggregator RealtyTrac and Down Payment Resource, nearly 9 out of 10 U.S. homes qualify for down payment assistance programs when home-buyers fall within income limits. The analysis compared estimated home values with maximum price limits and concluded that more than 68 million homes would qualify for down payment assistance if buyers were eligible. The study did not address the total funding capacity of down payment assistance programs. Income limits vary by market, but it was said that 91 percent of the programs have funds available to help eligible buyers, which provide an average of $11,565 in assistance.
Other major types of down payment assistance include first mortgage loans with below-market interest rates, mortgage credit certificates and Neighborhood Stabilization Program loans.
For all of your real estate needs, if you are ready to take the next step towards purchasing your new home, contact Cook Real Estate Services today at 678-207-1505 or you can e-mail us at info@CookRES.com. Whether you are buying or selling, one of our trusted professionals will be there to help you every step of the way.
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