Many people are seeking to buy houses right now. Some are in need of down payment assistance, and some would like it to keep their savings set aside. So what can you do? How do you qualify? What is available?
It all starts with your lender and their ability to be approved for as many of the options as are available in your community. For example, in most communities there are multiple types of down payment assistance programs available.
Some have stricter income (lower) qualifications, while others allow higher incomes. Some allow us to couple their down payment assistance for you with market rates on FHA loans, others conventional. Some lend the whole amount including servicing your first mortgage as well.
Needless to say it is a maze when it comes to learning the ropes on what you may be eligible for. Is it going to be CHAC, HOAP, ACHA, CHFA, DCHP, and are you going to get a tax credit on top of that? Even those lenders that can help you with down payment assistance, can’t all offer you the tax credit. That has to be an approved lender.
Make sure that you talk to an experienced mortgage originator to get all of your options and that you get approved for everything you are eligible for.
Best of luck and feel free to call with questions
303.779.0591 x 101