Down Payment Assistance Programs
Having a Hard Time Saving for a Down Payment?
There are many programs available to help home buyers looking for some assistance with their down payment.
Down Payment Assistance Programs
For many first time buyers, saving for a down payment is one of the biggest challenges to homeownership. Summit Mortgage partners with many local and national agencies to be able to offer programs that provide down payment assistance to homebuyers. Contact us to see if you qualify for one of our down payment assistance programs.
State Grants
Some states offer grant programs for first-time homebuyers, move-up buyers as well as low-to-moderate income individuals and families looking to buy a home. With down payment grants, the fund may be eligible for loan forgiveness once you meet certain criteria (meaning it wouldn’t have to be paid back).
Low Down Payment Programs
We offer low down payment options with as little as 3% down. Some states offer government-sponsored programs to make low down payment programs even more affordable by assisting with down payment and closing costs.
Down Payment Loans & Tax Credits
Down payment assistance programs can also be offered in the form of a loan, which will be a second lien on the home behind the primary mortgage to assist cash-strapped buyers. Many areas also offer tax credit programs offering additional financial incentives for home buyers.
Down Payment Assistance Programs:
- Most programs have income and/or location restrictions
- Many states offer state-specific assistance programs
- Programs often require a homebuyer education classes to be completed
- Some loan options allow for multiple assistance programs to be used for a single purchase, giving the buyer even more flexibility
There are many options for down payment assistance programs which can vary greatly depending on your state, county or city. Want to get started now? Complete our Quick Start Form and we’ll connect you with a loan officer that matches your specific needs. They’ll provide a free consultation and guide you through every step of the loan application process.
