Did you know the average down payment assistance benefit is more than $8,000? That could be a major jump start to buying your first (or next!) home. And, who wouldn’t want a boost to their down payment savings?
Homeownership programs can help you get in a house much more quickly and give you a valuable cash cushion for those other expenses, like the home inspection and home repairs. You could save on save on your down payment and closing costs, or even get ongoing tax credits.
But, who qualifies for down payment assistance?
First, it’s important to know that there are actually two components—both you and the the home you are buying must meet certain criteria, which vary by program. Our Down Payment Resource program search gives you the opportunity to answer a few simple questions to determine if you (and the home you want to buy) may meet the basic qualifications for a program.
What are the criteria for the buyer?
Family finances matter. There are household income thresholds, credit score minimums and cash reserve requirements. Income thresholds are based on the area median income—up to 120 percent in high cost markets. Income limits are almost always based on household size, so limits for a family of five are significantly higher than for a single person. keep reading
The post Do you qualify for down payment help? Here’s how to find out. appeared first on Down Payment Resource.
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