Is Down Payment Assistance Right For YOU?

Being a first-time home buyer can be overwhelming. It is hard to know where to look for the right information. The Jenny Cox Team at Guild Mortgage specializes down payment assistance, and with a plethora of programs available to both repeat and first-time homebuyers, we can go over the programs that are right for you. Not every program will make sense for every borrower, so it is important to do a loan consultation with the team so we can discuss your specific criteria. Each loan program and down payment assistance programs have specific rules on minimum credit score, income limits, household size, debt to income ratios, maximum assets, prior homeownership and sometimes area.

We will look at your specific scenario and guide you on the different programs that meet your criteria. Some things to take into consideration would be, if the down payment assistance funds are in the form a repayable second mortgage, a no interest forgivable loan, or a grant. We would also need to look at how long you plan on living in the property, to make sure you are in the right program. In some situations, the down payment assistance may come with a higher interest rate, so they do not make sense for every buyer. For some though, down payment assistance helps homebuyers hold on to some of their funds, so they have a rainy-day fund after closing. Talking to the right people is crucial to make sure you are utilizing the best programs upfront, and that is our main goal.