After reading the headline of this blog you are probably asking yourself how this could be possible. Or maybe you are even second guessing whether you would even qualify for this “free money”? I am here to give you the scoop on this down payment assistance deal. To sum it up in one sentence basically the state governments have certain budgets set aside to improve their local housing markets and this money is allocated to help first time home buyers purchase a home. Pretty basic stuff right? Let’s get straight to the details. There are a couple different programs ranging from a flat $10,000 towards your down payment all the way up to a full 22% of the purchase price all with the goal to put people in homes that can afford them but may have not quite saved enough money for the initial up-front cost.
How do I qualify for this program? Great question! With a couple different down payment assistance programs available the process can vary from program to program but to start off you need to schedule an appointment and sit down with a licensed mortgage professional to begin the process. If you don’t have one, I would love the opportunity to help you please contact me. When working with a mortgage professional who has experience with this type of program the process can be pretty seamless and simple, but since there are a few steps it’s important to put together a solid game plan in the initial meeting. The licensed mortgage professional will request some documents from you ahead of time to verify your financial position including w2’s, paystubs, and banks statements etc. Through the compilation of the information provided he will be able to determine what your buying power is and will then make a decision on what down payment assistance program will best suit your financial needs.
Now that the license mortgage professional has analyzed your financials and made a decision as to what down payment assistance program will be best for you the next step will be to get you started on the counseling program. Yes you did read that right, a first time home buyer counseling program is required with most of the down payment assistance programs. This class is usually about 8 hours long and you are required to obtain a certificate of completion to provide to your loan officer. Get your FREE DOWN PAYMENT ASSISTANCE REPORT by clicking HERE
Now that this is completed you are ready to begin shopping for your first home. If you have questions on how to get started contact me and I can help you with the process.
-Justin, Electric Loan Officer
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