About Down Payment Assistance
The term, ‘down payment assistance’ is pretty self-explanatory, and many consumers are confused when presented about down payment assistance, and how it works.
Down payment assistance tend to be associated with ‘low income individuals and/or with neighborhoods that may not be that great. However, this is far from true.
Down payment assistance is available in most neighborhoods and is available to home buyers of low to moderate income levels. Undoubtedly, financing is the biggest challenge that home buyers face when purchasing a home, and down payment assistance is a way to overcome that challenge.
Down payment programs consists of grants, tax credits, loans and other programs made eligible by;
- Housing Authorities
- Cities and Counties
- State Housing Finance Agencies (HFA)
For those that qualify, down payment assistance is also helpful in that home buyers can hold onto their personal savings and secure a monetary cushion as they transition into the role of home owner. This provides comfort in the event of unexpected repairs or household maintenance that should be addressed right away.