Many first-time home buyers are unable to come up with the down payment needed to buy a home. It can take years to save the funds needed to close on a home. With home values on the rise, the cost of a down payment rises proportionately.<\/p>
Down payment assistance (DPA) programs are offered by most local county, city and state governments. It will depend on where you live as to what is available.<\/p>
There are two categories of DPA loans. Most programs will involve incorporating the down payment assistance into a small loan. If you were attempting to save a 20% down payment on a $200,000 home, your local government entity may have a program where it would loan you a percentage of the $40,000 down payment, allowing you to step into a home purchase sooner. The other type of DPA is where the assistance is given to you in the form of a grant.<\/p>
Generally, DPA programs are limited to first-time buyers. Some programs may have certain income requirements in an effort to help lower-income families. The home must be owner-occupied, not a rental. Each program is different, with some requiring you to contribute a percentage of your own cash to close.<\/p>
If you qualify for a down payment assistance program, it will enable you to be a homeowner much sooner than if you had to devote more years to saving. Please contact me so I can see what programs are available and if you qualify.<\/p>","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"article_category":[39],"class_list":["post-23763","articles","type-articles","status-publish","hentry","article_category-mortgage-for-clients"],"acf":[],"_links":{"self":[{"href":"https:\/\/getreadynewsletters.com\/members\/wp-json\/wp\/v2\/articles\/23763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getreadynewsletters.com\/members\/wp-json\/wp\/v2\/articles"}],"about":[{"href":"https:\/\/getreadynewsletters.com\/members\/wp-json\/wp\/v2\/types\/articles"}],"wp:attachment":[{"href":"https:\/\/getreadynewsletters.com\/members\/wp-json\/wp\/v2\/media?parent=23763"}],"wp:term":[{"taxonomy":"article_category","embeddable":true,"href":"https:\/\/getreadynewsletters.com\/members\/wp-json\/wp\/v2\/article_category?post=23763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}