Down payment assistance is available for many individuals and couples that need a little help getting started.
There are two different programs available one for the first time home buyer (those that have not had a principal ownership of a home in the last 3 years) and in the case of the other one the first time home buyer is not required.
The program requirements are based upon total income thresholds for the household over the age of 18 which varies throughput the state. Also, no part of the property can be located within the 100 year flood plain.
The housing requirement is very liberal in that it can be almost any home that would pass a FHA inspection. Single family, duplex, condo, town home, or even a manufactured home as long as it is on a permanent foundation. You must reside there within 60 days of closing.
A tax credit certificate is also available if you qualify that would reduce the amount of federal taxes you owe at the end of the year. This is not a mere deduction but an actual credit that will have a significant impact on your end of year taxes in many cases.
These are not government funded programs but are self sustaining that is paid for through the sale of bonds that is then reinvested into the program. You also no longer have to wait for funding to become available for some of these programs as the money is always available now.
There is also a very lucrative loan program through the USDA that you might qualify for with similar benefits to you. Our lenders will be happy to assist you in checking if you qualify.