2018 North Dakota Down Payment Assistance Programs

North Dakota Down Payment Assistance Programs
North Dakota Down Payment Assistance Programs

One of the toughest parts about buying a home is coming up with a down payment. Fortunately, if you are a future homeowner in North Dakota, there are North Dakota down payment assistance programs that make it much easier.

Most down payment assistance programs in the state of North Dakota are for first-time home owners. North Dakota down payment assistance programs defines a first-time owner as someone who has not owned a property in the last three years. However, even if you have owned a property within the last three years, you may still qualify for down payment assistance.

North Dakota has different programs for down payment assistance broken down according to state, city, county and also a charity program. Each program has approximately $10,000 available. There are also government subsidized programs and charitable organizations in the State of North Dakota that offer down payment assistance. Both of these work in compliance with the United States Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). Some charitable organizations only have to comply with HUD and not FHA in order to give cash gifts to eligible home buyers.

Some programs that are specifically designed for first-time homeowners in North Dakota include:

USDA 100% financing program – Offers a zero down payment with a credit score of at least 640. The property must be located in an eligible area and some income guidelines apply.

FHA program – Offers a low down payment with a credit score of at least 620

Good Neighbor Next Door – Offers 50% discount to those who work in law enforcement or who are teachers, emergency responders, health care professionals or military personnel.

VA Loan – Offers zero down payment for active military personnel or veterans.

PMI Buster – Offers a low down payment with a minimum credit score of 720.

These are just some of the North Dakota down payment assistance programs available.

Below is a list of North Dakota Down Payment Assistance Programs:

2018 Alaska Down Payment Assistance Programs

Alaska Down Payment Assistance Programs

Through the Alaska Housing Finance Corporation, Alaska down payment assistance programs are available to first-time homebuyers. With the average down payment assistance ranging around $10,000, these programs have strict qualifications. Buyers who have not owned property within the last three years typically qualify for assistance.

For one to qualify for any of the several Alaska down payment assistance programs the buyer must meet with a loan originator and review the available options. The loan originator accesses the buyer’s credit report and educates the buyer on the programs.

Apart from the State Housing Corporation, The Home Opportunity Program (HOP), through the Alaska Community Development Corporation, also allows Alaska down payment assistance programs to low-income households.

Below are a list of mortgages that allow 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.

Alaska Down Payment Assistance Programs:

Affordable Housing Enhanced Loan Program This Alaska down payment program is offered in the form of either a grant, deferred payment(s), or forgivable loan. Occasionally this grant can be paired with other closing cost and Alaska down payment assistance options.

HUD Programs:

Alaska Housing Agencies:

Alaska housing agencies are your best resource for down payment assistance programs. Through funding from the US Department of Housing and Urban Development, the purpose of these agencies is to ensure that affordable housing is available for everyone.

2018 Missouri Down Payment Assistance Programs

Missouri Down Payment Assistance Programs
Missouri Down Payment Assistance Programs

Buying a new home, even with Missouri’s low cost of living, is an expensive undertaking. In recognizing this fact, the state government of Missouri created the Missouri-Housing-Development-Commission (MHDC). Missouri down payment assistance programs include services for first-time home-buyers, military veterans, and those desiring to move to an urban area.

The “First Place” loan program is a service offered by the MHDC which provides cash assistance loans (CALs) for those needing money upfront for down payments as well as non-cash assistance loans (non-CALs). The interest rates on these loans are affordable: a 30 year fixed mortgage CAL starts at 4.25% and a non-CAL starts at 3.75%. In order to qualify for this program, individuals must be first-time home buyers.

Military veterans do not need to be first-time home buyers of Missouri order to qualify for a subsidized loan with a below-market interest rate. In order to qualify, veterans must be income-eligible and have good credit. The veteran must apply within 25 years after the date he or she was discharged from active duty service. Finally, veterans seeking financing will require a DD Form 214: A Certificate of Release or Discharge frm Active Duty along with a Statement of Service signed by the veteran’s commanding officer.

Finally, the MHDC provides individuals who have lost their homes in a disaster with cash assistance loans with up to 5% down payment. In order to qualify, individuals must be Missouri citizens affected by a severe weather disaster which caused the loss of their home. Individuals must be living in one of the 15 disaster-area counties in order to qualify for disaster down payment assistance and sign up with an affiliated lender.

Below is a list of Missouri Down Payment Assistance Programs:

2018 Texas Down Payment Assistance Programs

Texas Down Payment Assistance Programs

Texas down payment assistance programs are available for teachers, lawyers, doctors, first time home buyers and low-income earners. The programs enhance access to down payment assistance grants, mortgage credit facilities and fixed-rate mortgage financing. Lenders who are available all over the region provide the programs. The programs also help to support families to overcome the menace of financial hardships. In most cases, financial hardships among people forces people to live in homes that are not conducive as far as their needs are concerned. Such people are therefore advised to seek services from an agency that provide down payment assistance programs in Texas.

Texas down payment assistance programs are 30-year mortgage loans rates that are fixed. These loans are eligible for home buyers across the region. The interest rates provided are relatively low as compared to other programs available. In addition to low interest rates, the programs also provide grants and at the same time closing costs.

First time home buyers benefit from the provision of a tax credit through the issuance of a mortgage credit certificate. The certificates should be issued without bias or exclusion provided an individual is qualified. Furthermore, a mortgage credit certificate enables the home buyer to acquire part of the interest earned as a special tax credit. This encourages more home buyers to use the services of a down payment program. A mortgage credit certificate save the home buyer the high costs over the life
of the loan.

With down payment assistance programs in place, people in Texas are able to access approved counselling services from agencies that deal with housing. These agencies provide their services for free and therefore becoming advantageous to those people who are faced with financial constraints. Nevertheless, the government should monitor the work of some of the agencies since there are reports of financial exploitation. This is because, down payment assistance programs are meant to be offered free of charge.

Below is a list of Texas 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.

Texas Down Payment Assistance Programs

Homes for Heroes This Texas down payment program is designed specifically for allied health faculty member, corrections officer, county jailer, emergency medical services personnel, firefighter, juvenile corrections officer, nursing faculty member, peace officer, professional educator, public security officer and veterans. This is a 30 year, fixed interest mortgage program with Texas down payment assistance of 3 percent, 4 percent or 5 percent that does not need to be repaid. There is no first time buyer requirement. 

My First Home Program This Texas down payment program offers a 30 year fixed rate loan with closing cost and Texas down payment assistance equal to 5 percent of loan amount (up to $8,000). This is designed for low income buyers who need additional assistance. First Texas can be combined with the MCC.


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.

Texas Housing Agencies

Texas 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 Alabama Down Payment Assistance Programs

Alabama Down Payment Assistance Programs

Alabama down payment assistance programs have outstanding offers and ensures that all achieve their dreams of having a home.

These Alabama down payment assistance programs are available to all first time home buyers. The primary reason behind these programs is to help make homes affordable to all. In addition, the Alabama down payment assistance programs have ensured that many people to achieve their dreams with ease.

However, these programs do have eligibility qualification requirements. People who have not owned a house in Alabama in the last three years are eligible.

Alabama Down Payment Assistance Programs:

Step Up Program The Step Up Mortgage program is designed to help any home buyer who has the ability to pay a mortgage, but needs Alabama down payment support. The program works to secure Alabama down payment funds with a 10 year second mortgage and combined 30 year, fixed rate first mortgage. Loans must be acquired through a participating lender. To qualify, a Alabama borrower’s annual household income cannot, under any circumstance, exceed $97,300 and the Alabama borrower must have a credit score higher than 620.

Alabama Housing Agencies:

2018 Tennessee Down Payment Assistance Programs

Tennessee Down Payment Assistance Programs
Tennessee Down Payment Assistance Programs

Tennessee down payment assistance programs are instrumental in providing inexpensive housing opportunities to those desiring to own a home. Subsequent or first time home buyers get a chance to purchase their dream homes by getting fixed mortgage rates, loans or grants. For first time home buyers, one typically becomes eligible if in the last three years there is no property to their name. However, this is not to say that a subsequent buyer can not qualify since they still can even if they have owned property in the last 3 years. The down payment assistance programs are attributed for their contributions to housing developments and acquisitions for many Tennesseans.

Tennesseans earning very-low, low and moderate income are the main beneficiaries of Tennessee down payment assistance programs. There are a set of conditions that the lenders use to determine one’s eligibility which include: debt history, earnings and the amount to be paid for the home. It is also advisable on the buyer’s part to ensure there are enough assets amounting to the costs of the house. Buying a home can be expensive not only in terms of cash but also in terms of time spent. Sometimes a home buyer also encounters difficulties in trying to crunch those numbers and figures. Due to these complexity that may arise, there are proficient trainers who mainly specialize in educating the buyer in making prudent decisions.

A home buyer gets pr-approved if he/she satisfies the criteria on debts and income. This assures the seller of one’s credibility and helps in knowing a price range. Although a consistent payment of debts and credit gives a buyer better chances with the lenders, an inconsistent credit history should not be a discouragement. This is because the down payment programs may have alternative mortgage lenders for such buyers. Furthermore, to buy a home there is basically no minimum down payment recommended. Tennessee down payment assistance programs are available for all type of buyers. It is therefore prudent as a home buyer to use Tennessee down payment assistance programs to get that dream home.

Below is a list of Tennessee Down Payment Assistance Programs:

2018 Wisconsin Down Payment Assistance Programs

Wisconsin Down Payment Assistance Programs
Wisconsin Down Payment Assistance Programs

Take advantage of Wisconsin down payment assistance programs assisted housing programs that are offered. If you wish to buy a house and don’t have enough funds, you can get additional finances from these  Wisconsin down payment assistance programs to help pay for the down payment.

Other sources of Wisconsin down payment assistance include local housing non profits agents offer funds for closing costs. These agencies also give advice and education to people who wish to buy homes and also counseling related to credit purchases. All these agencies are supported by the U.S Department of Housing and Urban Development.

Wisconsin housing authority can help you to identify and administer funding sources. Find out from the local authority how you can access down payment assistance. The Workhouse Advantage helps to create housing programs that are employer assisted. There are several nonprofit agencies in Wisconsin that are part of a housing network spread out across the whole state.

Like the name goes; Wisconsin down payment assistance, it is some kind of additional funding. You must have some funding raised on your own for the agencies or your employer to top up. The amounts of funding however vary. Not everyone who request for assistance gets the same amount of financial support.

There are different programs with varying regulations and guidelines as well as qualifications for additional funding. Assisted down payment does not however come without conditions. For example if you get additional funds, the interest rates shoot up. You can get reduction on the principal payment and percentage assistance on the closing cost. For some city programs, you get almost half of the down payment catered for. Some programs allow for a percentage of the purchase price to be paid by the home seller.

In Wisconsin, new homebuyers have a high chance of qualifying for assisted down payment if they have not owned a home in the last three years. In case you have owned a house, you will still qualify for assistance but with limited chances. Take advantage of a down payment assisted program and buy your dream home.

Below is a list of Wisconsin Down Payment Assistance Programs:

2018 Vermont Down Payment Assistance Programs

Vermont Down Payment Assistance Programs
Vermont Down Payment Assistance Programs

Vermont residents enjoy different levels of Vermont down payment assistance programs, especially first time home buyers. You will not only get additional funding but also advice and guidance on home financing. Vermont down payment assistance programs are given to first time home buyers. You qualify as a first time buyer if you have not owned property in the last three years.

According to state programs, Vermont residents get a 5.35% interest rate without any assistance on down payment. If you get financial assistance from either your employer or housing nonprofit agencies to cater for down payment, a 5.99% interest rate is applied. The city program guidelines provide for a half of the down payment being taken care of by an assistance program. If you are a first time home buyer, you get an attractive package consisting of a principal reduction, closing cost assistance and help with the down payment. In cases where there is a charity program, 3% of the purchase price is paid by the home seller.

Vermont down payment assistance programs can come from either regional and state programs or programs run by the city or town. City programs include Montpelier, Burlington and Windsor. The regional programs are:

  • The Agriculture and Rural Housing Department for home buyers in rural settings that wish to get assistance.
  • Vermont Housing Finance Agency which offers both closing cost and down payment assistance.
  • Vermont Affiliates of Habitat for Humanity. This has voluntary labor that renovates and rehabilitates and or build houses for families that are in need.

Vermont down payment assistance can also be gotten from federal and bank loans and grants. Tax credit is another common source of funding. Home funding is available for every resident of Vermont including non profit and private developers. To be clear on qualification criteria, visit any down payment assistance program office in Vermont.

Below is a list of Vermont Down Payment Assistance Programs:

2018 Florida Down Payment Assistance Programs

Florida Down Payment Assistance Programs

If you are looking for Florida down payment assistance programs you are probably a first-time home buyer. Being a first-time buyer means that you shouldn’t have owned a house in the past 3 years. There are several agencies state-wide which offer this type of loan and you should choose the one which offers the best terms for your situation – but remember that you also need to meet the requirements (which vary from one program to another). So here are a couple of the best Florida down payment assistance programs.

The Housing Finance Authority (HFA) gives out loans of up to $10,000 which you can use as a down payment for your mortgage. There is a wide range of requirements, but the key ones are that the ratio of debt to income should be less than 45%, you should have a credit score of at least 640 and the program is limited to a fixed period of 30 years.The Florida First Time Home Buyer program (FTHB) is very similar with the HFA, both in terms of down payment offered, debt conditions and the fixed period. However, there is one important extra requirement – you won’t qualify if you’ve had either a foreclosure or bankruptcy in the past 3 years.

So what should your thought process be when choosing the down payment assistance program? Make sure that you examine the full list of requirements and conditions before you apply. Every person has a different set of circumstances, income sources, and future plans so take that into account when making your choice. Go for the best deal you can get, minimize your risk for extra fees and be realistic when planning your repayment.

30 years (which is the typically a fixed repayment period) is plenty of time to repay $10,000, but make sure you plan accordingly and avoid any kind of penalties. You can best do this by making sure that you spend enough time researching all the available Florida down payment assistance programs and avoid making uninformed decisions. Taking these steps is often enough to guarantee a successful application.

Below is a list of Florida 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.

Florida Down Payment Assistance Programs

Local SHIP Program This Florida down payment program is for low to moderate income Florida borrowers across the state can inquire with their local county as to what Florida down payment and closing cost assistance is available in their given area.


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.

Florida Housing Agencies

Florida 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.