You shouldn't let the fact that you don't have a lot saved up for a down payment prevent you from becoming a homeowner. Down payment assistance programs are available that could make it possible to buy a home despite not having down payment funds saved up.
The following are six faulty assumptions that are frequently made when it comes to down payment assistance.
It's very hard to qualify for down payment assistance.
Don't assume that you can't qualify for down payment assistance before you've learned what the requirements are. You may find that you easily meet the requirements so that you can get the down payment funds you need.
Down payment assistance is only available on homes with lower prices.
You might think that the home you want to buy is too nice and the required down payment is too high for you to benefit from down payment assistance.
You should do some research before you think that your future home is too expensive for you to use down payment assistance. You are likely to find that down payment assistance programs can help homeowners qualify for homes in a variety of different price ranges.
You can only get down payment assistance when you're buying your first home.
There are some down payment assistance programs that are designed only for first-time home buyers. However, this doesn't mean that it won't be possible for users to use down payment assistance just because they've already owned a home.
Many down payment assistance programs are available to consumers who are not first-time home buyers.
It's harder to get a mortgage when you're relying on down payment assistance.
Consumers sometimes assume that mortgage lenders won't want to work with them if they know that they're using a down payment assistance program. The truth is that many mortgage lenders don't care if borrowers are using down payment assistance.
Using down payment assistance will complicate the closing process.
If you're buying a home, you're probably eager to close on your future home so that you can move in soon. You'll be glad to know that participating in a down payment assistance program shouldn't slow down the closing process.
Your income is too high to qualify for down payment assistance.
While there are generally income requirements that go along with down payment assistance programs, income limits may be set considerably higher than you expect. You don't necessarily need to have a very low income to qualify.
For more information on down payment assistance, contact a professional near you.Share