Typically Down Payment Assistance Grants are paired with an FHA loan.
The minimum down payment on an FHA loan is 3.5%.
The grant covers the 3.5% down payment.
Here’s some things you should know about qualifying for it…
Credit: You Need At Least A 620 Credit Score.
Maximum Back End Debt To Income Ratio: 48.99%
Not Everyone Can Qualify For This Grant. Here’s How You Can Qualify…
1) Property Can Be Located In An “Underserved Census Tract”. We Can Check This For You.
2) First Time Home Buyer. (Can’t Have Owned Property In The Last 3 Years)
3) Any Borrower On The Loan That Is Planning To Become Or Is A Current, Retired, Volunteer Or Non-Paid:
A) First Responder.
B) Educator
C) Medical Personnel
D) Civil Servant In A Federal, State, Or Local Municipality
E) Military Personnel
4) The Borrower’s Income Is Equal To Or Less Than 140% Of The County Median Income.
If you or someone you know needs this grant, have them contact our office and we’ll see if we can get them qualified.
If you would like to see if you qualify for Down Payment Assistance please click and fill out the link below…