It’s Not a Down Payment – It’s a Gift

Today, we are talking about a program that we just rolled out yesterday: a down payment assistance program. Many people are familiar with these, but this one is worth mentioning because it is so unique.

How This Down Payment Assistance Differs from Other Programs

There are a few things that are in common with down payment assistance programs, but a few details of this program really stand out as unique. Here are some of the most important things you need to know:

• More Than First Time Homebuyers: Most other programs are only available for first-time homebuyers. But with this new program, the down payment assistance is available to other homebuyers – even people who have owned a house before. Pretty much anybody can use this program, as long as they meet the other requirements.
• Any Income Level: There are no income limitations. So, regardless of the amount of money that you are earning, it’s possible that you might qualify for down payment assistance through this program.
• No Second Mortgage: The real kicker is that most down payment assistance programs use methods such as a second mortgage for the down payment. This program is a gift – there is no second mortgage or strings attached. It’s really straightforward, with homeowners receiving up to 3.5% for the down payment assistance that goes along with an FHA loan.
• Fast Refinancing: If you decide to refinance the loan in the future, it allows you to do the refinance in as little as 6 months. Many other programs have longer waiting periods before refinancing is an option.

There are many other down payment assistance programs that we’ve always had. But for a large chunk of the clients that we work with who need these services, this could actually be better than the other programs.

It’s a really cool program and can help many people qualify for the mortgages that they need.

Do You Need Help with Your Down Payment?

For anyone who is struggling to come up with the down payment, this could be a really great alternative to consider.

If you have questions or need personalized recommendations, then feel free to call or message me any time. I’m happy to look at your unique situation and find the best solutions to help you get into a home as easily as possible.