Down Payment
- Down payment assistance mortgage programs offer financial assistance to eligible borrowers who cannot afford a large down payment on a home.
- Down payment assistance programs can be funded by state, local, or nonprofit organizations and may have different eligibility requirements and terms.
- Down payment assistance programs may provide grants, loans, or forgivable loans to help with the down payment and closing costs.
- Down payment assistance programs may have income and credit requirements and may require the borrower to complete a homebuyer education course.
- Down payment assistance programs may have limits on the purchase price of the home or the type of property that can be purchased.
- Down payment assistance programs may have restrictions on the location of the home, such as being in a designated revitalization area.
- Down payment assistance programs may require the borrower to live in the home as their primary residence for a certain period of time.
- Down payment assistance programs may have repayment terms or restrictions on the sale of the home.
- Down payment assistance programs can help eligible borrowers achieve homeownership and make it more affordable by reducing the upfront costs of purchasing a home.
- Down payment assistance programs can vary by state and locality, so it’s important to research the available programs in your area and their requirements.
Requirements
TERMS: 30 YEAR, FIXED
Down Payment: None
Credit Score:
*Closing costs and fees may still apply.
