Massachusetts Down Payment Assistance Programs

Massachusetts down payment assistance programs
Massachusetts down payment assistance programs

Buying a home for the first time can be a very daunting process. In fact more people keep thinking about buying but shy away at the last moment. In most cases money is the only obstacle which stands in way of realising your cherished dream of owning a house. This dream can now become a reality with the Massachusetts down payment assistance programs.

Massachusetts is a state which is well known for its assistance programs with regards to down payment and closing costs involved when buying a house. With funding being sourced primarily from the federal government, the goal of these programs is to help lower income households buy their own homes. These loans are generally given by the housing departments or certain specified non-profit agencies involved in housing.

Most of these Massachusetts down payment assistance programs are governed by certain rules which must be met for getting any assistance from these programs. Some of these criteria are:

  • You must be buying your home for the first time.
  • The home that you buy must be your principal place of residence.
  • The cost price of the home you want to buy should be within the limits specified in these programs.
  • The family income should be within the limits set by these programs.
  • There might also be asset limits attached to these programs which also have to be met to qualify for these programs. In fact these programs have been made to primarily help those families who are in a position to pay their monthly mortgage but are unable to pay for the other initial costs involved in buying a house.

    Income limits for these programs is generally calculated based on the median income of the family as set by the departments involved in the development of homes. It is usually set at 80% of the median income of a family in an area.

    Below is a list of Massachusetts Down Payment Assistance Programs:

    South Carolina Down Payment Assistance Programs

    South Carolina down payment assistance programs
    South Carolina down payment assistance programs

    There are many South Carolina down payment assistance programs currently available to SC residents. Some are government funded, and some are not; some are urban, some are rural. It all depends on a few factors such as what your total family income is, what your financial needs are and the area in which you would like to end up.

    The most helpful advice is to do your diligence in research. The State Housing Finance and Development Authority (http://www.schousing.com/First-Time_Home_Buyers) has an option for first time buyers. This program offers recipients a down payment assistance of $5,000 with a 4 1/2% interest rate.

    Family Services Incorportated (http://www.fsisc.org/topic.asp?pid=108) also has a down payment and closing cost assistance program which is referred to as DPCCA. Their website gives the list of available help and the requirements on how to qualify and apply for each.

    The U. S. Department of Housing and Urban Development (http://portal.hud.gov/hudportal/HUD?src=/states/south_carolina/homeownership/buyingprgms) gives a list on their webpage of a number of different South Carolina down payment assistance programs with which they are affiliated with in some way. Options range from down payment assistance to community based government grants, with which individuals may have the chance to apply for assistance with through their local housing authority office. More information may be found of the website listed above. GMAC Real Estate has put together a very helpful resource (http://freedownpayment.org/SC. html) for individuals searching for South Carolina down payment assistance programs. Their website connects residents with locally based professional real estate agents who focus on helping first time home buyers match up with qualifying state, city and county funded down payment assistance programs. Credit isn’t necessarily the first thing lenders look at, especially in relation to available South Carolina down payment assistance programs. Their main focus is on making South Carolina a safer and more comfortable place to reside.

    South Carolina Down Payment Assistance Programs:

    South Carolina Housing Agencies:

    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: