Down Payment Assistance – It could be the Key to You becoming a Homeowner!
Down Payment Assistance can be the key to homeownership. Many would-be home buyers just don’t have the required money set aside. This is not only true for first-time home buyers. It is also true for those who are on the rebound from the 2007 housing crisis. Their credit has been restored and their income qualifies them for home ownership. Also, a first-time buyer is defined as anyone who hasn’t owned a home in three years. If you’ve been renting for the past four years, you’re a first-time home buyer again!
Without down payment assistance the goal of homeownership may be elusive. It doesn’t have to be that way. Now there is a way to find out if you qualify for down payment assistance.
Criteria for Down Payment Assistance
Aside from household income thresholds, you must meet some credit score minimums and have specific cash reserves. Income thresholds are based on the area median income—up to 120 percent in high-cost markets. Income limits are almost always based on household size. Limits for a family of five are significantly higher than for a single person.
Most assistance programs, especially for the first time buyer, require the completion of homebuyer education programs. An educated homeowner will be a successful homeowner.
Some programs are designed for individuals who provide necessary services to the community. They include teachers, firefighters, law enforcement personnel, health care workers, and veterans.
To qualify for down payment assistance, the home must be occupied as the primary residence. Single-family homes, townhomes, condos, and even some multifamily properties are allowed as long as the buyer is also an owner occupant.
Lenders offer Downpayment Assistance Programs
Among the lenders that offer downpayment assistance programs is Guild Mortage. Contact Chris Butaud at Guild Mortgage at 206-999-6941 for details.
Down payment assistance programs are available across the greater Seattle area. Find out below if you and your community are eligible.