Down Payment Assistance Options
Paths to Becoming a First-time HomebuyerOwning a home has traditionally been part of the “American Dream”, but in today’s financial climate some Americans doubt they can afford the dream. The good news is that there are many programs available today to assist first-time homebuyers in obtaining a mortgage.
Down Payment and Financing AssistanceWhen looking at your mortgage options, often the first place to focus is the down payment requirement. Different loan programs have different requirements, with some appealing more to first-time homebuyers. Another path to homeownership runs through some state or local assistance programs. While these programs typically do not offer the actual financing, they can often provide down payment assistance or help with closing costs.
Who is Eligible?While the specific rules vary by program and state, some basic guidelines revolve around your credit score, income, employment and price of the home. Employment can offer its own set of benefits with programs specific to teachers or public safety workers.
Get More InformationContact us today to learn more about options for becoming a first-time homebuyer and get answers to frequently asked questions.
Down Payment FAQs
How much do I need for a down payment?
The down payment required varies based on what program you qualify for and what mortgage arrangement you choose. Currently, FHA loans will allow as little as 3.5% down and VA loans allow 0% down. Other loan arrangements that include Private Mortgage Insurance (PMI) or subordinate financing can also greatly reduce the down payment required. Cambria Mortgage consultants can discuss all these options with you.