Closing Assistance for Low-Income Families
You can purchase a Three Bedroom home for $164,900 for only $1,000 out of pocket, quite literally. Buying a home with little money down is not as daunting as it appears to be. Today we have quite a few programs that can help low-income families buy a home.
In this post, I will walk you through the specifics of potential down payment assistance (DPA) opportunity for a new home. I’m so glad to have recently experienced this so I can share.
Typically the FHA loan is the avenue to purchase a home for many first-time home buyers.
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FHA loan requires that you place a down payment of 3.5% of the purchase price of a home.
So, for a $164,900 home, you can expect to pay $5,771.15 as a down payment.
The bond program offers up to $7,500 as a down payment. I’ve seen it cover 2.89% of the sales prices, so in our case, it was $4,771.5. Leaving the buyer to potentially pay a flat $1,000 down payment.
Now that’s just the down payment. There are closing costs associated with purchasing a home, which was around $6,596. That’s typically 3-4% of the purchase price of a home. Due to our partnership, we can get the closing costs covered for you, depending on the home or builder you choose.
So, that’s the actual process of how we can get you into a beautiful 3 bedroom home for only $1,000.
Now this person can be paying in total combing mortgages, taxes, insurance for under $1,100 a month vs their $1,400 monthly rent.
Program features
$7,500 in down payment assistance at 0% interest
Homebuyer requirements
· Must be a first-time homebuyer or have not owned a home in the previous three years
· Minimum credit score of 620
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