Owning a home is a quintessential part of the American Dream, but it’s also becoming a harder goal to reach. There’s no denying that home prices are increasing and saving up the money to own one can be tricky. That’s where down payment assistance comes in. Navigating the world of down payment assistance can be confusing and you may have wondered if you even qualify. Today First HomeMortgage Corp will break down some simple ways to find out if you qualify for down payment assistance.
You Have Never Owned a Home
Much of down payment assistance is designed to help first time homebuyers get into homes. That being said, it’s not surprising that most assistance programs require you to, well, be a first time home buyer. If you have never owned a home, there are a lot of programs available to you through your state and maybe even your county or city. If you’re hoping to buy your first home, it’s worth it to meet with a loan officer and discuss your options. There may be more available than you realize.
You Haven’t Owned a Home In the Past Three Years
Though the idea of down payment assistance is to help people buy their first home, the term “first time home buyer” is a bit broader than you might think. Many government programs consider you a first time home buyer if you haven’t owned property in the last three years. Even if you owned a home several years ago, you might still qualify and it’s worth looking into.
You Do Not Own Rental or Investment Property
If you have never owned a rental property or investment property, you may qualify for down payment assistance. Even if you don’t live in the property you own, the government may consider you a homeowner but if you have not owned a rental or investment property in the last three years.
You Are a Veteran
There is a lot of assistance available to veterans; if you have served in the military, there is a very good chance you qualify for a down payment assistance program. VA loans are the most common loans for active military members, veterans, and certain military spouses. If you or a close family member served, look into it.
Figuring out if you qualify for down payment assistance can be confusing but it is a great pathway to homeownership and well worth navigating. At the end of the day, the best way to know if you qualify for down payment assistance is to ask a qualified loan officer. If you are looking to buy a home in Maryland, Virginia, or the DC area, First Home Mortgage Corp can help you. Contact us today for more information.
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Testimonials
Patient & Helpful
Tammi was very patient and very helpful throughout the entire application process. Being a first-time home buyer I didn't know a lot of this which made me frustrated but I was able to get approved and now I am a homeowner thanks to Tammi!
— James C.
No Pressure or Stress!
Tammi Lewis made my home buying experience very easy. I felt no stress or pressure. Tammi was with me every step and made sure I understood everything with detailed talks. My credit score was low and Tammi advised me how to raise it. So that the Loan process would be approved with no problems. Any one know that wants to buy their first home I am recommending Tammi Lewis and First Home Mortgage.
— Charlie F.
Professional & Timely
Rob made sure my experience as a first time home buyer was smooth and painless. Very professional and got things done in a timely manner. Could not have asked for more!
— Samantha J.
Great Experience for a New Homeowner
Rob was at all times, willing to go over the numerous pages of information with me. I am a new homeowner and had many as this was my first time navigating the home-buying waters. He explained things to me in a way that I understood and got me all of my documents in a timely and efficient manner. I enjoyed working with him and would refer him to anyone who is looking.
— Erica F.