Down Payment & Closing Costs Assistance Programs *1
Buying a Home May Be More Affordable Than You Think
Coming up with the cash for a down payment and/or closing costs on a house may seem challenging, or even impossible, to some homebuyers, but it doesn’t have to be. There are a number of programs that can help make homeownership more affordable, many with low- and no-down payment options; and some connected to popular government-backed loans:
NeighborhoodEdge® Closing Cost Assistance – exclusively offered by PrimeLending, this program offers up to $2,000 in closing cost assistance for qualified homebuyers in all 50 states; the property must be located in a low-to-moderate census tract area. In addition, conventional, FHA, VA and USDA loans are eligible for this program.*2
Conventional 97 – available through Fannie Mae and Freddie Mac, this program requires a 3% down payment and is available for the purchase of single unit primary residence properties. It’s best suited for buyers with excellent credit or average credit.
HomeReady® – this Fannie Mae-backed program allows for a 3% down payment and offers discounts on mortgage rates and private mortgage insurance; it’s targeted at multi-generation households where multiple people contribute to the family income and can be anyone with an income below the average for the area.
Home Possible® – a Freddie Mac mortgage option that is a great option for first-time homebuyers; it requires a down payment of only 3%.
FHA Loan Program – allows for down payments of just 3.5% and can be used for primary residences with 1-4 units; a big advantage is that FHA mortgage rates tend to beat conventional rates.
VA Loan Guaranty – this program is available to veteran or active duty military borrowers; there is no down payment requirement and no mortgage insurance charge, regardless how little you choose to put down.
USDA Home Loan – is available to buyers in less dense parts of the country, including rural areas and many U.S. suburbs as well; it allows for 100% financing and offers reduced mortgage insurance costs as compared to other low- and no-down payment loans.
203K Renovation Loan – a great solution if your first home is a fixer-upper; if your purchase requires repairs, there’s a low minimum down payment requirement of only 3.5% and the loan covers the value of the property plus the repair costs.
Wonder if You Qualify for Assistance? Ask Me.
I've only listed some of the many options available here. Best of all, it’s fast and free to let me evaluate your options. Before you give up on your dream of owning a home because you think the cash required at closing is insurmountable, call me to see if we can find something that'll work for you.
* 1 Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details.
*2 Qualified homebuyers may receive up to $2,000 in closing costs assistance either based on property location, or income less than 80% of the Area Median income and the property is located in a designated area. Additional restrictions may apply.
* HomeReady® is a registered trademark of Fannie Mae.
* Home Possible® is a registered trademark of Freddie Mac.