10 Truths About Down Payment Assistance

Nov 21

Written By Diana

Image Design by Diana Walton- Houston First Time Home Buyer Specialist

Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home. As a first time home buyer specialist I have heard so many myths about down payment assistance programs.

The problems with these myths is, they prevent potential first time home buyers from taking even the first step toward buying their first home. Here are 10 truths about down payment assistance programs to counter some of those myths.

Down payment are not only for first time home buyers. A first time home buyer is someone that has never purchase a home or have not owned a home in three years.
It is not difficult to qualify for down payment assistance programs.
Down payment assistance programs does not complicate the home buying process.
Down payment is not only for lower priced homes.
Down payment assistance programs can be use with VA, USDA and conventional loans.
Down payment assistance programs does not extend the home buying or closing process.
Home sellers does accept buyers with down payment assistance programs.
While putting down more money does have some benefits, it is not necessary for you to do so if the down payment assistance is paying all of your down payment for you.
You do not have to repay down payment assistance that comes in the form of a grant as long as you comply with the guideline.
Some down payment assistance loans are interest free and forgivable if you remain in the home as your primary resident for a stated period of time. This means you will not have to pay the money back.

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana