Down Payment Assistance

One of the most unique features about FHA loans is the opportunity to use down payment assistance loans to assist with down payments & closing costs. FHA loans allow down payment assistance & grants to come from approved sources only. Those sources are usually state or federal programs geared towards neighborhood stabilization, or to assist low to moderate income households achieve the dream of home ownership. The programs are often specific to the local markets and are administered through local HUD approved non-profit agencies.

 

Benefits of Down Payment Assistance:

  • Used for down payment and closing cost
  • Used to reduce final loan amount & corresponding mortgage payment
  • Often grant or assistance is forgiven after a period of time
  • Educated homeowners through required home buyers class
  • Make home ownership possible
  • Interest rates & costs are monitored & must be reasonable

 

How to determine if you qualify:

Because these programs are specific to local markets please contact us to review the available programs and specific qualifications. In general these programs are for first time home buyers, owner occupants, & have certain income restrictions.

 

Down Payment Assistance Process:

  • Contact FHA Loan Group to discuss down payment assistance programs in your area
  • Get pre-approved for the FHA financing required for the purchase of the home
  • Schedule your home buyers class with the designated non-profit to become eligible for the down payment assistance
  • Meet personally with the Non-Profit organization’s counselor to get approved for program participation
  • Select a real estate agent to help you purchase a down payment assistance program qualified property
  • Secure the purchase contract
  • Work with FHA Loan Group to get financing completed
  • Become a home owner
FHA Loan Group can help you get the lowest home mortgage interest rates available today. FHA Streamline refinance programs, first time home owners FHA loans, cash out mortgage loans and more.