Down Payment Assistance Options For You
Did you know that first-time homebuyers made up 33% of all homebuyers in 2019? First-time buyers who financed their home typically financed 94% of their home compared to 84% of repeat buyers. 57% of non-homeowners believe it would be at least somewhat difficult to purchase a home based on their current financial situation.
At CFI, we want to make it known that homeownership is a reachable goal! That’s why we offer great Down Payment Assistance (DPA) programs. Assistance can range from 2% of the purchase price up to $15,000 or more depending on your state or county.
Our top programs include DPA Advantage, HomeAssist, and State Bond Programs.
- DPA Advantage – 2% Assistance for down payment and closing costs to be repaid or forgiven after 3 years
- HomeAssist – 3 options that offer up to 3.5% in assistance for down payment
- Bond Program – Varies by area. Between $7,500-$15,000 Assistance for DP and closing costs
Down Payment Assistance Programs are for buyers who have a qualifying credit & good income, but just don’t have enough funds to comfortably put down a large down payment & cover their closing costs.
What kind of DPA programs are out there?
- 2nd mortgages that have to be paid down along with the first (main) mortgage
- 2nd mortgages with deferred payments, which only have to be paid when you move, sell, transfer or refinance the mortgage
- 2nd mortgages that are forgiven over a set number of years, and only need repaying if you move, sell, transfer or refinance
- Grants, which are essentially gifts that never have to be repaid
When closing a DPA, it’s best to work with a lender that has a reputation for providing speedy results and great service. Now that you know a little bit more about DPAs, it’s time to take action! Contact us if you’re interested in learning more about our DPA programs. We’d be happy to discuss how we can help you reach your goal of owning a home.
Source: NAR Blog