Looking To Buy A New Home? We Can Help!
This Short Video will explain the buying process!
Mortgage Calculator
Payment $: 0
Use this calculator to help estimate your payment. The payment shown does not include items like property tax and home owners insurance. For accurate information regarding a mortgage loan & payments please request a Loan Pre-Qualification in the form above.
How does down payment assistance work?
Find a down payment assistance program The best way to get started is to find what is available in your home state, county, and city. The HUD lists programs sponsored by state or local governments here.
Get in touch with a local mortgage loan officer that will be able to outline the programs available in your area.
Application process
The application process for down payment assistance varies depending on the government program or participating lender. Understanding the type of down payment assistance offered is essential before applying. For example, some programs may specifically be designed for first-time home buyers. Other programs may depend on the household income or the location of the home.
Common features of the application may include:
- Providing financial information such as household income
- Income limits to the down payment assistance
Credit score - Type of property being purchased
Repayment options
The repayment options for down payment assistance will depend on the type of program being offered and your financial situation. Some programs may require monthly payments over time, others may offer a lump sum payment at the time of sale or at the time of refinancing.
Repayment options must be considered to ensure that the program fits your needs and circumstances.
Tax implications
Another aspect of down payment assistance to bear in mind is any potential tax implications that may come from it. Depending on the program, taxes may need to be paid on the assistance amount. Or, the property may potentially be subject to taxes.
Tax implications of down payment assistance will vary based on the program and factors such as property location and borrower income. Usually, down payment assistance is not categorized as taxable income, but this should be verified before applying to specific programs.
