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Down Payment Assistance
Are you ready to buy your new home but have a hard time saving enough money for your down payment on the mortgage? For individuals who are trying to acquire their first mortgage, we know the down payment may be one of the biggest obstacles to choosing the property that you like.
You may have a good credit history and been financially responsible with no debt, but circumstances with existing financial obligations may not leave you with enough savings for a down payment on a mortgage. Sun West Mortgage Company is ready to help individuals like you learn about Down Payment Assistance programs so you have an equal opportunity to achieve the American Dream of homeownership.
If you answer yes to any one of these questions, then down payment assistance programs may be for you
- Are you trying to transition from renting to owning a home and are unable to save enough money for a down payment because you have been spending your income on rent?
- Are you looking to acquire your first home but having financial difficulties because you need to spend your current income on your family?
- Have you spent years saving for a down payment for your new home but experienced an unexpected financial situation where you had to tap into your down payment savings?
Consider a Down Payment Assistance program even if you have enough savings
- Buying a home can incur costs, up to several thousand dollars, from expenses such as closing costs and moving expenses.
- Keep more of your current savings towards furnishing your new home and/or building a garden, swimming pool, or an outdoor hot tub; you get the idea!
- Even with an FHA loan from the Federal Housing Administration which requires a low down payment, the required down payment amount could keep you away from being able to own a home with the extra space you need for your family. An adequate down payment, whatever the amount is, could mean the difference between a home with a nice yard, an extra room, or one within close distance to a good school for your kids. With Down Payment Assistance, you may also contribute your current savings towards an even bigger down payment.
Who is eligible for Down Payment Assistance Programs?
There is a general misconception that Down Payment Assistance programs are only available to low income-individual or families. Many of the Down Payment Assistance programs from your local government, nonprofit housing agencies, and private organizations allow your income level to be as high as 120 percent of the median income level for your geographical area.
There are also specific Down Payment Assistance programs that you can qualify for because of your occupation or ties to certain organizations, such as being a teacher, a police officer, or a social or healthcare worker. There are also government and charity organizations, and even private banks offering Down Payment Assistance in the form of grants that do not need to be repaid by eligible homebuyers if they are in areas affected by the housing downturn or natural disasters.
How do I find out more?
Unlike a mortgage, Down Payment Assistance programs are usually not advertised and you must first start by doing your own research into local or federal government agencies and housing authorities. Every program is unique and will have certain restrictions and eligibility requirements. If you are unsure where to look, a good source of information will be your licensed mortgage professional at Sun West Mortgage Company. Our licensed mortgage specialists will introduce you to various Down Payment Assistance programs that are currently available and explain to you how you can use these programs with your mortgage.
We are a full-service lender with well-established branches throughout the United States and have extensive experiencing underwriting government-sponsored mortgages. Because of this, we are able to provide the knowledge and guidance you need when you are looking for a Down Payment Assistance program with your mortgage. Please contact us today by calling (787) SUN-WEST, and we will be glad to answer your questions.
Currently, Sun West Mortgage Company has been underwriting following Down Payment Assistance programs.
- Home in Five Advantage – Mortgage Origination Program, Arizona
- Puerto Rico Housing Finance Authority (PRHFA)
- SETH 5 Star Texas Advantage Program
- Tennessee Housing Development Agency (THDA)
- National Rural Housing Authority (NRHA ), Nevada
Please call one of our licensed agents for an updated list or any help with choosing the eligible program for you in your county.