Bonds and Down Payment Assistance Programs
Saving for a down payment or coming up with the cash for closing costs associated with a new home mortgage can sometimes feel impossible, but many cities, counties, and states have programs that can bring the dream of homeownership within reach. Bond and Down Payment Assistance (DPA) programs are designed with one thing in mind, helping qualified homebuyers with the cost of purchasing a new home by providing grants or favorable terms on a second mortgage.
Is It Right for You?
A great option for first-time homebuyers or individuals who don’t have enough money set aside for a down payment or closing costs.
Is It Right for Your Situation?
Primary residence, single family and 2-4 unit properties, condos, and Planned Unit Developments (PUDs); maximum loan or grant amount varies by program selected.
Features and Benefits
- Variety of down payment assistance options available
- Second mortgages offered with preferred rates and flexible requirements
- Grants are not required to be repaid
- Tax credits may be available for eligible homebuyers
- Program details, terms and income limits will vary
- Can be used with a variety of conventional and government loan programs
Whether you are tired of renting or it’s time to find the home where you will begin raising a family, saving enough money for a down payment isn’t necessarily where your dream of homeownership ends. Gateway has a long list of relationships with local, county and state housing authorities which means owning a home of your own may be closer than you think.
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.
