If buying your home feels just a little out of reach, there are a variety of Down Payment Programs available for home buyers and additional education for first time home buyers. There may be additional benifits for educators, health care workers, protectors, veterans, and households with disabled members. Below are the three most common types of Down Payment Assistance Programs.
1. Down Payment Assistance Program,
- Second or Third Mortgage
- 0% Interest and Deferred Payments
- Assistance amounts vary, based on home buyer needs
- Maybe used for closing costs, prepaids or principal reductions
2. Below Market First Mortgage
- Below Market Rate
- Reduced Closing Costs
- Funded by State housing finance agencies
- Lower buying costs and monthly Payments
- Up to $2,000 credit per year
- Offsets a portion of the mortgage interest
- Lenders may use this as additional income
3. Mortgage Credit Certificate (Tax Credit)
Find out if you qualify by clicking the image below.
