Down Payment Assistance Grants

Down payment assistance grants can be used to help you get in the door on a home purchase. The grants are essentially free money that can be used to purchase a home.

The down payment assistance providers have approved companies such as HomePad Lending to offer these programs. HomePad Lending will be able to approve you for the mortgage loan and the assistance simultaneously.

To receive down payment assistance grants you will need:

-620+ credit score

-1% of the purchase price to cover closing costs

-qualifying income to show the ability to repay the mortgage

To get approved for down payment assistance, you can check your eligibility.

Closing Cost Assistance Grants

Closing cost assistance grants can be applied towards the closing costs on a home purchase. The benefit with these programs is you will receive lower interest rates when only using assistance to cover the closing costs.

To receive the closing cost assistance, you will have to go through an approved lender for the mortgage such as HomePad Lending. HomePad Lending will be able to approve you for the mortgage loan and the closing cost assistance simultaneously.

To receive closing cost assistance you will need:

-620+ credit score

-3% down payment (can be gifted)

-qualifying income to show the ability to repay the mortgage

To get approved for closing cost assistance, you can check your eligibility.

Low Down Payment Conventional Loans

A 3% down conventional loan may be best for homeowner’s looking for some of the best financing terms on the market. The 3% down conventional is available to first-time homebuyers and repeat homebuyers who fall into an approved census tract. Generally speaking, to do a 3% down conventional loan, the banks will look for:

-680+ credit score

-3% down payment (can be gifted)

-qualifying income to show the ability to repay the mortgage

To get approved for a low down payment conventional loan, you can check your eligibility.

Low Down Payment Government Loans

A 3.5% down FHA loan may be best for homeowner’s looking to get great financing terms with credit scores less than 700. The 3.5% down FHA financing is available to everyone looking to purchase a primary residence. Generally speaking, to do a 3.5% down FHA loan, the banks will look for:

-580+ credit score

-3.5% down payment (can be gifted)

-qualifying income to show the ability to repay the mortgage

The next step in the process would be to check your eligibility to get approved for the low down payment government loans.

Loans With No Mortgage Insurance

Most people don’t even know that they can purchase a home, put less than 20% down and not be required to carry mortgage insurance. So these loans will generally have much higher requirements to qualify. Ideally, the banks will want to see 5% down with credit scores over 720. Generally speaking, to obtain a loan with no mortgage insurance, the banks will look for:

-720+ credit score

-5% down payment (can be gifted)

-qualifying income to show the ability to repay the mortgage

This particular loan product is truly amazing and in order to get approved for a mortgage loan with no mortgage insurance you will want to check your eligibility.