What is Down Payment Assistance?
Thinking about buying a home, but having trouble saving for the down payment? You are not alone! Coming up with enough cash to put down on a home is often the biggest roadblock for many hopeful buyers.
The good news is that Global Mortgage Alliance will filter through great down payment assistance (DPA) options to help you on your journey towards homeownership. DPAs can come in many forms, from grants to second or third mortgages. The amount of the DPA will vary and can often be used towards both your down payment and closing costs.
State and Local Down Payment Assistance Programs
There may also be great down payment assistance programs available through state or local government programs, aimed at helping the homebuyers and communities that they serve. These local DPAs can include a second lien, a grant that doesn't need to be repaid, tax credits or a broad array of other opportunities. They are often adjusted for local median income and home prices. Ask your Loan Officer for available options in your area.
And while many DPAs were designed for first-time homebuyers, the definition of a first-time homebuyer in the mortgage world just means that you haven’t owned a home in three years. So, if you’ve been renting but have owned a home in the past, you may qualify as a first-timer again!
If you’re not sure what down payment assistance programs may be available in your area, speaking to a loan officer is a great place to start.Get pre-qualified now
and we'll review your current financial situation and credit score to help you find the best option for you.