Home Buying Grants and Down Payment Assistance Home Loans
Finance a New Home with Down-Payment Assistance!
First time homebuyers from Florida to Texas to California can benefit from down-payment assistance loans that help cushion the high cost landing associated with financing a house. With soaring energy costs, Americans can benefit from mortgage relief that potentially can minimize the down-payment needed for becoming a homeowner. BD Nationwide created an online marketplace to offer superior house financing programs that include help for down-payments. We strive to connect people with lenders that specialize in mortgages for down-payment assistance. This is a great place to start if you seek to work with companies that provide 1st time homebuyers a unique opportunity with low rate and assisted down payment home loans that are available for qualified applicants.
Purchase Loans for First Time Home Buyers – Reduced Costs & Grants for Down-Payment Help
Are you a first time homebuyer looking to get approved for a low rate mortgage with small down-payment? Are you looking for a home loan that requires little or no money down? Would you like a purchase mortgage that allows you to keep all of your hard earned in saving in your bank account without needing to deposit it on a home?
BD Nationwide promotes fair lending with flexible loan programs like FHA, conforming and VA home purchase loans. Borrowers can choose from, 15 and 30 year fixed rate or hybrid ARMs.
Get Pre-Qualified and Pre-Approved to Buy a New Home!
Pre-qualifying is essential for efficient and pragmatic home buying. Nationwide provides you, your realtor and the seller’s agent, a pre-approval that is written by the lender. If you are interested in maximizing home buying opportunities it is imperative that you obtain a Pre-Qualification letter from our home financing department. You can complete this form below and quickly get a pre-approval in writing. We will just ask you a few questions and then access your credit, income, and hopefully you will be approved!
Many first time homebuyers across the country are learning from the mistakes of the previous generation of borrowers who bought homes with teaser rates only to get stuck with rising mortgage payments they could not afford. This generation of homebuyers is requesting fixed rate thirty-year mortgages that they can afford. Nationwide continues to help finance the Americans dream by offering good advice and completive home mortgage solutions to borrowers with all types of credit.
1st Time Home Buyer Loan Program Highlights
•FHA Home Loans with 3.5% Down
•100% Home Financing with VA Loans
•Local Down-Payment Grants
•95% Conforming Loans with No MI
•203k Home Rehab Loans from FHA
•Reduced Rate Home Buyer Grants
•Low Payment Deferred Interest Loans
How to Purchase a Home with Down Payment Grant
Buying a home is something that millions dream of, but for many just having the kind of financial situation needed to do so can be difficult. A high credit score, solid debt to income ratio, and other factors are all important when starting the process of finding a home loan. One additional thing that matters tremendously is the need for a down payment.
Loans will have down payment requirements that vary greatly. Some may require as much as 20% down, and even the government backed FHA loans will require at least a 3.5% down payment – maybe more. And while some loans exist that don’t require a down payment, they’re out of reach for many first time home buyers since they require huge amounts of credit.
Raising that down payment amount can be hard, and saving up for it can take a long time. Luckily, there are plenty of options out there that can help. One of the best options for down payment assistance is to utilize a down payment grant.
Getting Your Down Payment
So why are few people talking about down payment grants? The answer is simple – they just don’t know about them. A recent study found that out of the nearly 78 million homes and condos found throughout the country, almost 87% would qualify for a down payment. They’re not all available for sale, of course, but you could find one that does qualify. Some of these grants are aimed at:
- First time home buyers
- Minority home buyers
- Lower income home buyers
- Rural home buyers
- And more
But many of the grants are simply available based on location. From state to state, county to county, numerous down payment assistance programs are available. You just need to be aware of their existence and then start looking for grants for house buying in your state and county. You could be surprised at what you find.
You’ll just fill out a basic application just as you would with a traditional loan and then submit it to the appropriate location. From there, it’s just a short time before you’ll find out whether or not you received assistance. It’s a process that is easier than you might realize, and your down payment could be closer to your bank account than you might think.
Are You Looking for the Lowest Rate but have bad credit issues in your past?
Are you a first time homebuyer looking to get approved for a low rate home purchase loan? Are you looking for a home loan that requires No Money Down for a home purchase? Would you like a purchase mortgage that allows you to keep all of your hard earned in saving in your bank account without needing to deposit it on a home?
Down payment assistance comes in various forms, providing homebuyers with potential benefits. Here are five types of down payment assistance that homebuyers may qualify for:
Closing Cost Credits: Closing cost credits involve cash grants provided to homebuyers at closing to cover settlement fees, including mortgage discount points, real estate taxes, and title fees. Seller concessions are a common form of closing cost credit, allowing sellers to grant up to 6 percent of the purchase price to buyers.
Property Tax Credits: Property tax credits and reductions are available in designated neighborhoods or census tracts, offering temporary relief on property taxes for up to 10 years. Mortgage Credit Certificates serve as a form of property tax credit, potentially saving homebuyers money after claiming taxes paid with the Internal Revenue Service.
Cash Grants for a Down Payment: Most down payment assistance programs offer cash grants, which are non-repayable awards.
Cash grant programs may include a 5-year clause, requiring buyers to live in the new home for a minimum of five years or repay the grant in part or whole.
An example is the proposed Down payment Toward Equity Act, providing first-time homebuyers with up to $25,000 cash for down payment, closing costs, and related expenses.
Discounted Mortgage Rates: Some down payment assistance loan programs offer lower interest rates, reducing monthly principal, interest, taxes, and insurance (PITI) payments. Government entities and community groups may pay discount points on behalf of buyers, resulting in a reduction of home loan rates.
Homebuyers may be eligible for multiple types of down payment assistance, allowing them to combine programs for enhanced benefits.