Down Payment Assistance - How Millenials Can Afford Homes Through Down Payment Assistance ProgramsDown Payment Assistance - How Millenials Can Afford Homes Through Down Payment Assistance Programs

Despite the low mortgage interest rates, buying a home is getting harder and harder especially for milennials. Real estate prices are sky rocketing and inventory for single family homes are at an all time low. So how can milennials afford to buy a home these days? Simple, with the aid of down payment assistance programs.

What exactly are Down Payment Assistance Programs?

Down payment assistance programs have been around for quite some time. They are any kind of aid that assists with the down payment on the purchase of a home. Most first time home buyers typically have limited means to put down on a home so they typically opt for a FHA loan that only requires a 3.5% down payment. So, down payment assistance is any kind of programs that assist with the 3.5% down payment.

Where can milennials find down payment assistance programs?

Milennials should visit Housing and Urban Development (HUD) and Housing Authority websites to find down payment assistance programs. There you will find a wide array of government grants, down payment assistance programs and mortgage programs such as the Federal Housing Administration (FHA) home mortgages which requires a 3.5% down payment, the U.S Department of Veterans (VA) and Unites States Department of Agriculture (USDA) mortgage programs that require zero down payment, Freddie Mac and Fannie Mae mortgages that require a 3% down payment and special programs for community servants such as teachers, fire fighters and policemen. There are lots of grants and assistance programs provided by banks, credit unions and other lending institutions. Some programs such as American Dream and Nehemiah are no longer available so keep that in mind as you search for information.

Who is eligible for down payment assistance?

Borrowers typically must be first time home buyers that meet income and credit levels to qualify for down payment assistance. Are you a first time home buyer? A first time buyer refers to anyone (including those that are using a spouse in marriage) who may have not legally possessed a property after a three year time before the purchase of a property with the help of program assistance. Also, some programs are specific to low-income earning families. However, some governmental programs including FHA mortgage financing will not require borrowers to be first time home buyers.

How do milennials apply for down payment assistance programs?

The first step in the process of getting a down payment assistance program is to get qualified for a mortgage. Milennials should seek lenders who focus their business on first time home buyers and understand how down payment assistance programs work. Once the lender has pinpointed a suitable program the next step is to apply for the program. Applying is not difficult. You're only required to fill a loan application providing details such as financial, debts, history of employment as well as data. Some assistance programs or grants need tender a credit profile, check credit score and proof of income. Once you're approved, you simply show up to closing and the down payment assistance funds should be readily available.

by Rich Phillips
References and Bibliography
Jason Smith is a down payment program expert. Visit his down payment website for more information on Down Payment Assistance Programs.
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