2018 Washington Down Payment Assistance Programs

Washington down payment assistance programs
Washington down payment assistance programs

The Washington State Housing Finance Commission offers Washington down payment assistance programs to provide encouragement and bring home ownership into the reach of more people.

The most popular program is the Home Advantage DPA. This is a state wide program. With the Home Advantage DPA borrowers may qualify for 4% of the total loan amount. The assistance comes in the form of a second mortgage loan with a thirty-year term and a 0% interest rate. To qualify, the homebuyer must attend and receive a certificate from a WA State Commission sponsored homebuyer education seminar, must be able to qualify for a mortgage loan through the FHA, VA, Rural Housing Service or Conventional and have an income of under $97,000 per year.

Washington down payment assistance programs also provide opportunities for second mortgage loans that combine with Home Advantage DPA for qualified borrowers.

The HomeChoice loan combines with Home Advantage and is for qualified borrowers with a disability or has someone living with them with a disability. This loan provides up to $15,000 of assistance with a 1% interest rate. The maximum income rates vary depending on the county, with the highest qualifying income limits in King and Snohomish county at $88,200 per year.

Qualifying veterans are able to participate in the House Key Veterans Downpayment Assistance Loan Program which also combines with Home Advantage DPA. This then year loan provides up to $10,000 in assistance for first-time homebuyers with an interest rate of 3%. If the homebuyer is purchasing in a targeted or economically distressed area, then they do not need to be first-time homebuyers.

Educators and employees of community colleges, technical college and K-12 private and public schools recognized by the State of Washington are eligible to qualify for the House Key Schools for educators DPA Loan Program. This program also combines with Home Advantage with a 3% ten year loan term offering up to $10,000 in funds. This program is for first-time homebuyers unless the home being purchased is in a target area.

In addition, the Home Advantage Built New Program, House Key Plus ARCH East King County, House Key Plus Seattle and the Tacoma Downpayment Assistance combine with Home Advantage to promote purchasing residences in target areas. Each of these programs offers a different loan terms and amounts and have different qualifying incomes.

Once a homebuyer has attended the WA State Commission sponsored homebuyer education seminar, the various down payment loan assistance programs should provide encouragement and assistance in reaching the goal of home ownership.

Below is a list of Washington Down Payment Assistance Programs:

2018 Mississippi Down Payment Assistance Programs

Mississippi down payment assistance programs
Mississippi down payment assistance programs

Mississippi down payment assistance programs are offered through Mississippi Home Corporation (MHC) in an effort to provide monies to home buyers who are making a purchase of a home for the first time of low- and medium- income homebuyers. The program is offered statewide via MHC-approved lenders.

To be eligible for Mississippi down payment assistance programs, interested homebuyers must meet several standards. These include incomes that do not exceed county limits, meet credit eligibility limits as well as an acceptable credit profile, need, and the completion of an eight-hour homebuyer education class. Applicants must also have less than $ 4,500 in liquid assets. The property must be owner occupied, and must be their primary residence.

The property being purchased must also meet certain qualifications for Mississippi down payment assistance programs. These include being owner occupied, single family attached or single family detached, townhomes or condominiums that are approved, and manufactured homes that are permanently affixed. The MHC will also make determinations as to the appropriateness of homes to meet the standards of the loan programs.

Anyone who wishes to apply for the program should apply through an approved lender who will judge the eligibility of the borrower and submit the application to the MHC, which will make a determination of eligibility and qualification. Since its founding, the program have helped many residents of the state of Mississippi become homeowners who otherwise would not. This includes some of those in greatest need, low- and medium-income persons.

Below is a list of Mississippi Down Payment Assistance Programs:

2018 Maine Down Payment Assistance Programs

 Maine Down Payment Assistance Programs
Maine Down Payment Assistance Programs

There are various Maine down payment assistance programs which are meant to help residents with low and moderate incomes afford to buy homes. These programs are usually operated using federal and state funds but they are primarily administered by public agencies. Beneficiaries of these programs are segregated into different categories such as fresh graduates, first time home buyers, veterans, single mothers, families whose homes have been destroyed in natural disasters, teachers and military personnel in active duty amongst others. These categories of people usually benefit from these programs because they cannot be able to raise down payments to buy homes on their own. The primary requirement of being eligible for these programs is prove that one cannot afford to buy a home without being assisted.

For residents to qualify for these down payment assistance programs, they must have incomes which are less than 80% of the areas median income. Applicants are also required to raise at least one percent of the down payment and closing cost of the home to be bought. These programs are more convenient than ordinary mortgages since the people who benefit are not required to pay in monthly basis. Instead, beneficiaries are required to repay when they change the ownership of their homes and after they are able to refinance their initial mortgages.

The applicants of the various down payment assistance programs in Maine are served using waiting lists since the demand for the assistance is high. Applicants in dire need get preference and they are usually served before people whose needs are not emergencies. For instance; people whose homes have been destroyed by natural disasters usually get served before others who might be having other types of needs. The preference in how fast applicants are served is also influenced by the applications submitted. Applications with unclear or wrong information usually takes longer to be verified since it might even require the applicants to be called to clarify some of the unclear details. This makes it paramount for applicants to fill the applications clearly and with truthful information so that they can be served faster. Therefore, people with low and moderate incomes can benefit from the various Maine down payment assistance programs provided they are eligible and applies in the appropriate ways.

Below is a list of Maine Down Payment Assistance Programs:

2018 Wyoming Down Payment Assistance Programs

wyoming down payment assistance programs
Wyoming down payment assistance programs

Buying a home often requires taking out a high-interest loan, and many potential homeowners are reluctant to purchase a house in the current market. Wyoming down payment assistance programs offer options for buying a home, allowing more people to purchase property.

The Down Payment Loan Program provides monetary assistance with a down payment and closing costs. To participate in this program, homebuyers must take a homebuyer education class and a one-on-one counseling class offered through the Wyoming Community Development Authority. Homebuyers must contribute at least $1,500.00 of their own money and may take a loan of up to $10,000.00. Rates vary depending on the market, but are very reasonable.

Another viable program is the Community Development Block Grant Program. This grant is only available for first-time homebuyers and may only be available in certain targeted Wyoming communities. However, for anyone who qualifies for one these grants, the program functions to provide assistance and encourage individuals and families to purchase a home.

One final program available to Wyoming residents is the Dream Makers Program. Individuals who qualify for this grant are military personnel who may be active, reserve, National Guard, or veterans. The grant program matches contributions on a three-to-one for up to $5,000.00. Since there are maximum income limitations, not all military personnel may qualify for this program.

In addition to these programs, Wyoming may offer down payment assistance programs through its local banks, credit unions, and new programs sponsored by the housing authority. Potential home owners should check with their local government and community partners on a regular basis to learn about these programs and take advantage of down payment assistance programs. Many smaller programs exist in certain parts of Wyoming, especially for individuals who work in public service. These programs allow individuals and families to purchase a home even with limited income and savings.

Below is a list of Wyoming Down Payment Assistance Programs:

2018 Montana Down Payment Assistance Programs

Montana Down Payment Assistance Programs
Montana Down Payment Assistance Programs

Buying a home for the first time isn’t an easy task and if you need help, there are many Montana down payment assistance programs available to fulfill your needs.  Here are a few examples of Montana down payment assistance programs.

The Score Advantage DPA Program operates throughout the state of Montana and accepts those who have qualified for MBOH financing and do not have the money for the down payment or closing costs. The higher your credit score, the lower your loan rate will be.

Neighborworks Montana is a great program to deal with if you’re looking to buy a home in Montana. They will help you locate home buyer education programs within the state, financial counseling, etc.

The Montana Home Choice Coalition is another group that can help with becoming a homeowner and can provide information on financial aid availability, credit counseling, and other services.

Information about more Montana down payment assistance programs and their availability can be found through the Montana Board of Housing. They team up with many other organizations and groups around the state to assist families with their down payments. They partner with many different entities, such as cities, counties, businesses, and others who want to help the disadvantaged finally get into a home of their own.

Below is a list of Montana Down Payment Assistance Programs:

2018 Colorado Down Payment Assistance Programs

Colorado Down Payment Assistance Programs

If you are looking for Colorado down payment assistance when buying a home, you need to be aware of the different programs available. Here is the lowdown of the different programs that offer varying financial assistance programs for first time home buyers.

Colorado Housing and Finance Authority (CHFA) is the place to start. They have several programs with down-payment assistance ranging from $5,000 to $10,000 up to 3.5% of the purchase price.

Many counties throughout Colorado have programs. Adams county, for example, offers up to $7,000 for those who are purchasing property in the county for the first time. Arapahoe county makes $10,000 available as payment assistance for mortgage down payment of the second term. The Home Ownership Assistance Program in Aurora, Colorado, offers up to $10000 for those who are buying homes within the Aurora city limits.

Below is a list of Colorado Down Payment Assistance Programs:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Colorado Down Payment Assistance Programs

CHFA Advantage Program This Colorado down payment program has the following requirements. If you have a minimum credit score of 680, you can qualify for a 30 year purchase loan with only 3 percent Colorado down (which can be a gift) and no mortgage insurance. Colorado borrowers will need to meet the income and purchase price requirements.

CHFA HomeAccess Second Mortgage For disabled home buyers who also need Colorado down payment assistance, the CHFA offers the HomeAccess Second Mortgage Program. This is a second loan of up to $25,000.

CHFA HomeOpener Program The HomeOpener program does not have any purchase price limits, and the income limits are set higher than the other programs. A 620 credit score is required and qualifying Colorado borrowers must contribute at $1,000 to the transaction. This Colorado down payment program can be paired with Colorado down payment and closing cost assistance.

CHFA Preferred Program This Colorado down payment program requires a credit score of just 620. Yet, rather than no monthly mortgage insurance, Colorado borrowers can qualify for reduced cost mortgage insurance. This Colorado down payment program has income and purchase price limits, and can be combined with the Colorado down payment and closing cost programs. However, the Preferred program with requires 3 percent Colorado down (must be your own funds) and Colorado borrowers must contribute a minimum of $1,000 towards the loan.

CHFA SmartStep Program SmartStep is a purchase program that features the lowest mortgage rates out of all Colorado’s programs. Colorado borrowers must meet credit score, purchase and income limits. Colorado borrowers can pair the SmartStep program with one of Colorado’s Colorado down payment/closing cost assistance programs or an MCC. Colorado borrowers must contribute at least $1,000 towards the transaction.

Down Payment Assistance Grant This Colorado down payment program grants up to 3 percent of the loan amount and doesn’t need to be paid back. The money can be used towards Colorado down payment, closing costs, building out your savings account, or to make improvements to your new home.


HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Colorado Housing Agencies

Colorado housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.

2018 Louisiana Down Payment Assistance Programs

Louisiana Down Payment Assistance Programs
Louisiana Down Payment Assistance Programs

Louisiana down payment assistance programs allow qualified homebuyers to own their own home with funds for down payments as well as other closing costs that might be associated with their purchase.

Whether you wish to live in an urban or rural environment, there are plenty of homeowner down payment assistance programs available to you. The state of Louisiana differs from many states in that down payment assistance is available for practically any purchase, anywhere. There are qualifications for this assistance, but there are generally two organizations that make this assistance possible and administer the programs. These are statewide and regional programs, the Louisiana Housing Corporation and the U.S. Department of Agriculture Rural Housing. Both of these organizations make down payment and closing cost assistance available to those who qualify.

Louisiana down payment assistance programs are available to urban residents through the Louisiana Housing Corporation, which makes down payment and closing cost monies available to those who qualify. The successful applicants for this program are from low- and medium income single families. Applicants do not necessarily have to be first time homebuyers to qualify for these funds, but they must meet certain income requirements established by the area to qualify. These income requirements are based on a sliding scale dependent on income.

If you so desire, living in a rural environment can be possible through a program set up and administered by the U. S Department of Agriculture Rural Housing Program, which makes monies available for down payment assistance for homes in a rural setting. This program offers successful applicants loans, grants, as well as loan guarantees. This program also offers funds to rehab homes so that they are safe, sanitary, decent, and ready for move-in.

Below is a list of Louisiana Down Payment Assistance Programs:

2018 Arizona Down Payment Assistance Programs

Arizona Down Payment Assistance Programs

Arizona down payment assistance programs helps potential homeowners buy their first property, without necessarily having the required down payment.

The Home in 5 Program gives you 5 per cent of the loan towards your down payment. It is however offered for residentials to be bought within Maricopa County only. You do not have to be a first-time buyer to qualify for this program, but you will need to submit paperwork to qualify.

The Home Plus Program for first time buyers. Just like the Home in 5 Program, you will have to meet credit requirements. The maximum home purchase price allowable for this program varies by county, and so you will need to check the exact amounts applicable in your county.

The Newtown Community Development Corporation has two different programs:

1. Individual Development Account – First-time home buyers only. You will receive a down payment grant of up to $15,000 dollars, and you must be within Maricopa County.

2. Community Land Trust program – With this program, you will purchase a completely renovated home at a significantly lower price. The price is lower since the land remains to be part of the Land Trust.

Maricopa County Homebuyer Assistance Program is restricted to Maricopa County. It is and administered by the Maricopa Human Services Department. It offers you up to $15,000 dollars in down payment assistance.

The Neighborhood Lift Program managed by the Neighborhood Housing Services, Phoenix.

Arizona Down Payment Assistance Programs:


Arizona Housing Agencies:

2018 Kansas Down Payment Assistance Programs

Kansas Down Payment Assistance Programs
Kansas Down Payment Assistance Programs

Kansas down payment assistance programs offer the First Time Homebuyer Program (FTHP), which makes monies available to those who qualify under the conditions of a sliding scale. Income is the primary qualifier for this program. Persons who are residents within the city limits of Topeka, Lawrence, Wichita, Kansas City, or Johnson County do not qualify for this program.

What Do Qualified Applicants Receive?

Loans for those who qualify range from 15 to 20 percent of the home’s purchase price, depending on your income. In addition to the income requirement, those who apply must also make a minimum investment of two percent of the home’s sale price. Applications for the program are completed by the lender who is working with the home buyer, and in turn files the completed paperwork with the FTHP for final approval.

Kansas’ FTHP has already helped thousands of new homeowners make their dreams of home ownership come true. And with the continuation of this program, there’s a good chance that the same monies will continue to make dreams come true in the future. Applications continue to be accepted by participating lenders.

Other Kansas down payment assistance programs include the Federal Housing Administration (FHA) loan. This loan requires the 3.5% of the purchase price as a down payment. The USDA insured Rural loan for farming properties. The VA loan for veterans of the Armed Forces. Each loan has many positives and negatives for borrowers to consider. Discuss each loan option with your mortgage lender to see which one allows down payment assistance programs. Most mortgage lenders may or may not be aware of the programs that currently available so you may need to visit several before finding the right lender.

Below is a list of Kansas Down Payment Assistance Programs:

2018 Minnesota Down Payment Assistance Programs

Minnesota Down Payment Assistance Program

For first time home buyers,  owning a property in Minnesota is a great idea, financing your property is can be a great challenge. This is because sometimes you may find yourself in a situation where you are tired of renting a house and want to settle into your own home but lack the funds to finance your new home. Worry no more as there are numerous Minnesota down payment assistance programs that can help you buy a home.

If you’re looking for a mortgage such as no down payment mortgage programs, FHA home loans or other low down mortgage programs, there are plenty of those. Bad credit holding you back? There are programs in Minnesota for those too. HUD has several programs for Minnesota residents as do housing agencies in Minnesota which have down payment programs, first time home buyer education and housing assistance.

Below is a list of Minnesota Down Payment Assistance Programs:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Minnesota Down Payment Assistance Programs

Deferred Payment Loan Start Up Program are eligible for two loan options under the Deferred Minnesota down payment assistance plan: the Deferred Payment Loan (amounts ranging from $5,000 to $7,500) and the Deferred Payment Loan Plus (amounts up to $10,000 for Minnesota borrowers who meeting targeting criteria). Loan terms are equal to the first mortgage and come with 0 percent interest. Loans are to be repaid when the property is sold or refinanced, or when it no longer serves as the Minnesota borrower’s primary residence. Qualifying home buyers must have a minimum credit score of 640.

Monthly Payment Loan Program The Start Up and MCC programs are eligible for this Minnesota down payment assistance, which is the greater of either $5,000 or 5 percent of the purchase price or loan amount. Loans have 10 year terms with monthly payments. The interest rate is equal to the rate on the first mortgage. To qualify, Minnesota borrowers must have a minimum credit score of 640, and must meet purchase price and income limits associated with the Start Up Program.

Start Up Program First time home buyers can get a home loan at an affordable rate through this program. To be eligible, buyers must have a credit score of at least 640 and meet income and purchase price limits. Eligible Minnesota borrowers can also qualify for Minnesota down payment assistance and a mortgage credit certificate.

Step Up Program Repeat home buyers can qualify for a purchase loan similar to the Start Up Program. Repeat buyers, however, are only eligible for one of the two Minnesota down payment programs offered by the state.


HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Minnesota Housing Agencies

Minnesota housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.