How does it feel when you’ve spotted the perfect home and you are sure that covering the monthly mortgage and bills won’t be a problem? It feels great, right? Unfortunately, the problem comes when the lender requests a down payment. In most cases, nurses are not in a position to pay the down payment as requested. Could this mean you are not lucky?
Not quite. Today, there are more than 2000 down payment programs that will come to your rescue as long as you meet eligibility requirements. These requirements have to do with credit, occupation and income. It is unfortunate that many people are not aware of down payment assistance programs or assume that they can’t qualify.
How can you find a down payment program?
If you conduct a good online research, you’ll find a couple of down payment resources that have a calculator to show you if you are eligible and what you need to do to be eligible. You can find a variety of listing services that have an icon on the various properties that qualify for down payment assistance programs.
Nurses are advised to consult their lender or real estate agent for programs available in their counties since they change from time to time.
Types of Home down payment programs
Down payment programs
These types of programs are mostly about soft mortgages or grants. You can get benefits such as forgivable loans, deferred payments and 0% interest rates. With such a program you can get assistance in the form of tens of thousands of dollars to use for down payment, principal reductions, closing costs and the like.
When buying a property in certain areas that are designated by housing finance agencies, you will enjoy the benefit of higher assistance amounts and more lenient income requirements.
Affordable First Mortgages
Some of the housing finance agencies that are at state level provide first mortgages that accompany down payment assistance programs. The good thing about these mortgages is that they offer an affordable interest rate and a reduced closing fee.
Who offers down payment assistance programs?
- Housing authorities
- Cities and counties
- State Housing Finance Agencies
A high percentage of first-time home buyers encounter difficulties with the purchase due to down payments. Fortunately, there are thousands of homebuyer programs that are available to offer assistance to nurses and other civil workers. Just ensure that you meet the eligibility requirements and you’ll be good to go.