Has saving for a down payment been one of the biggest obstacles in buying a home? Do you want to hold on to your savings? If you answered yes to either of those questions, our Down Payment Assistance program may be the perfect fit.
Down Payment Assistance is essentially a loan for the down payment that is repayable as a 10 year second mortgage on the property. For example, on a $150,000 home, the down payment for an FHA loan would be 3.5% or $5,250.00. With down payment assistance, you would not need to come up with those funds, but rather, you would pay it down over a 10 year period as part of your monthly housing expenses.
In order to qualify, there are income restrictions, debt-to-income limits, credit score requirements and other underwriting guidelines. Want to learn more about reaching the American dream of home ownership? Contact us today or fill out an online application on our website and we will assess your home financing options to see if Down Payment Assistance is a good fit based on your specific circumstances.
Note: Success Mortgage Partners is not acting on behalf of or at the direction of HUD/FHA or the federal government.