Down Payment Assistance Programs Now Available?
Updated January 2017
Down payment assistance programs are very popular with home buyers today – and many people aren’t even aware that they exist. Depending on where you live and other criteria such as what your income is, what profession you are and other possible criteria – you may qualify for down payment assistance.
The best part about this website is that when we match you with a lender, you can look at your specific situation and find out if you qualify for free. We have also provided a cool down payment assistance program search tool that will let you search for down payment assistance programs available in your area.
The current trend in the mortgage business is that lenders seem to be expanding their guidelines and offering more loan programs. So if you find that you cannot qualify for any kind of loan program (and chances are that you can qualify for something), be sure to keep an open dialog with your loan officer about the types of loan programs that lenders are just coming out with. Just a few of the long-standing loan programs that are available for people who are interested in buying a home include:
What Loan Types Allow Down Payment Assistance?
Qualifying for down payment assistance is usually not dependent on what loan program you are interested in financing your new home with – but be sure to talk with your loan officer. Some types of down payment assistance may require that you finance your new home with a certain type of loan.
Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include:
Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages
Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices
Education – learn about buying and maintaining your home
Assistance programs – resources and programs to help you buy and maintain your home
HUD homes for sale
Homeownership vouchers – some public housing agencies help you become a homeowner through the Housing Choice Voucher Homeownership Program
Home repairs – money for home improvements and repairs
Avoid foreclosure – don’t lose your home
Make your home more energy efficient
See more information about HUD here.
Here are just a few state-specific home buying / down payment assistance resources that can also help you:
Getting The Best Deal
When shopping for a loan that you can use with downpayment assistance, getting the best deal often may mean working with not only a loan officer who is knowledgeable, but that the loan officer works at a lender who offers great rates and closing costs.
As with loan officers, lenders are often different and offer different rates and fees. The best way for you to know which loan officer and lender are right for you is to get multiple quotes from multiple FHA approved lenders. Getting a quote involves speaking with a loan officer, providing the requested information and then getting a written quote in writing.
When buying a home, it is also a good idea to get pre-approved so that you know you can qualify as well as how much you can qualify for. Getting pre-approved and shopping multiple lenders is easy, but it does take a few minutes. We have made it easy to shop and compare lenders with our lender matching service.