What is Down Payment Assistance?

Down Payment Assistance takes on many forms.  When most people think about Down Payment Assistance, they think of getting the money  need for the down payment on the loan they need to buy a home.  But, This is only a small part of what down payment assistance can be for most buyers!   Down Payment assistance also  can take the form of the following:

1.  Low or Zero down payment programs - These allow the borrower to buy a home without having to have a large down payment?

2.  Loans that have either reduced or no private mortgage insurance.  This reduces the monthly costs of buying a home.

3.  Second loans that pay the down payment These are paid back over a ten year period.

4.  Grants - Grants are from special programs that you may qualify for and can be used to pay the required down payment on a home. Grants  do not need to be paid back.

5.  Downpayment plus closing cost - These specialized loan programs allow you pay both the down payment plus part or all of  buyers closing costs for your loan

6. Gifts - You can be gifted an amount from family or friends to pay your downpayment, depending on your loan.

7. Now, text me, Blair Halford. at (843) 940-7388  and let's go find your future home!