What Is Down Payment Assistance?
City Wide Home Loans offers down payment assistance to qualifying customers. When buying a house, the typical down payment amount is around 20% of the total cost of the house. When somebody qualifies for down payment assistance, they are given either a grant or an interest-free loan to help them make the down payment on their house. When a grant is given, the qualifying customer usually agrees to live in the home as their primary place of residence for a certain period of time. When a loan is given, it would need to be repaid immediately if the house were to be sold or if the person had finished making all of their mortgage payments.
What Are the Benefits of Down Payment Assistance Programs?
For many people, the cost of the down payment is too much for them to pay, even if they would be able to make the monthly payments on the house. For those people, down payment assistance is available to help them buy a house that they can afford. If a lack of readily-available money is stopping you from purchasing your dream home, call us today to see if you qualify for down payment assistance.
Who Qualifies for Down Payment Assistance?
Qualifying for down payment assistance can be difficult. A person’s eligibility is determined on a case-by-case basis by an experienced member of our team. Here are some factors that will increase your chances of qualifying:
• You are a first-time homebuyer
• Your combined income is at or below the median income in your area
• You demonstrate an understanding of the mortgage and the financial responsibilities that come with owning a home
• You have good credit
See If You Qualify Today
If the cost of the down payment is stopping you from purchasing your dream home, call us today. We will be able to determine whether you qualify for down payment assistance, which will help you make that initial payment. If you do not qualify, we will be able to discuss other options for you so that you can purchase the home you want.
