Who Qualifies for Down Payment Assistance? | Brian Decker

WHO QUALIFIES FOR

DOWN PAYMENT ASSISTANCE? Brian Decker

BUYING A HOUSE MEANS MAKING AN INVESTMENT.

Most individuals will need to take out loans or a mortgage in order to cover the cost, but those don’t cover the down payment which is required in most cases to secure the property.

For individuals who are seeking assistance to make the buying process more manageable, looking for down payment assistance programs is a wise idea F R O M G R A N T S A N D LO A N S T O T A X CR E D I T S, T H E R E A R E T H O U S A N D S O F D O W N P A Y M E N T A SSI ST A N CE P R O G R A M S A C R O S S T H E C O U N T R Y.

PROPERTY QUALIFICATIONS

THE HOMEBUYER MUST BE PLANNING TO USE THE PROPERTY IN QUESTION AS AÂ PRIMARY RESIDENCE. In other words, the homebuyer must live in the property and contribute in some way to the community.

Additionally, the home sale price will also be considered in comparison to local average home prices. Down payment assistance may be offered up to or above a certain point based on a percentage of average home prices in a given area.

HOMEBUYER QUALIFICATIONS

A LARGE NUMBER OF DOWN PAYMENT ASSISTANCE PROGRAMS ARE TAILORED TO SUIT SPECIFIC DEMOGRAPHICS. The largest criteria for a lot of these programs is that the individual must be a first-time homebuyer. Those who hold jobs in community service, education, or healthcare, for instance, may have an advantage when applying for these programs.

Homebuyer Qualifications: Minimum Standards 1. MOST REQUIRE THE INDIVIDUAL TO HAVE NOT OWNED ANY HOMES IN THE LAST THREE YEARS 2. HAVE A MINIMUM CREDIT RATING AROUND 620-660 (PENDING ON THE PROGRAM) 3. HAVE SHOWN THE ABILITY TO PAY RENT ON TIMEÂ HAVE NOT OUTSTANDING LARGE COLLECTIONS OR LINES 4. HAVE HAD STABLE JOB HISTORY FOR THE LAST TWO YEARS

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