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Saving for a down payment on a house is one of the biggest obstacles to overcome when buying a house. The good news is that there is monetary Assistance in your area to help you pay for the downpayment on your new home. This down payment assistance is widely popular, however is not widely advertised. There may be programs in your area that can help you purchase your home.
Down payment Assistance often times comes in the forms of grants meaning that you won't need to pay back this assistance. These programs are designed to bring an influx of extra money for anyone who is a qualified homebuyer using an FHA loan.
DPA (down payment assistance) is seller funded. This means that the person selling the home is providing the money to help buyers be able to afford the home. They are able to do this through a DPA providers so that the buyers are able to utilize this assistance at no penalty to them.
How can I find a DPA program?
The first thing you should do if you are interested in taking advantage of DPA is find a lender who has worked with DPA before. They can help walk you through DPA as a financing option. Then you will need to find a real estate agent who also has worked with DPA and can help your find a home that may offer DPA. The most important part of attaining a DPA is that your are financing your home with an FHA loan. Then depending on your provider you and the seller can agree on a percent amount to write into your purchase agreement.
There are programs that will vary in assistance based on where you live and what type of property you are looking to purchase. Check out offers for down payment assistance in your area with our search tool and get into your home with help!