|
Whether
your a first-, second- or third-time home buyer, saving for a down
payment can be a difficult task. Down Payment Assistance Programs
are specialized loan and grant programs designed to provide financial
assistance to qualified home buyers. 100% financing options are
available with many of our loan programs.
Some of the
various programs available to assist you with your home purchase
are: FreshRate™
Designed for
those who have enough income to make payments, but just not enough
money for the down payment, closing costs, and escrows, the FreshRate™
program may provide you with the down payment for your new home
and closing cost assistance. With FreshRate™ , upfront funds
needed to purchase a home are greatly reduced.
IHDA
If you’re
a first-time home buyer or someone who has not owned a home in three
years, the IHDA program can be the answer you’re looking for
by offering a variety of financing assistance programs at interest
rates that are lower than FHA or Conventional loans.
Under the endorsement
of the Illinois Housing Development Authority (IHDA), you can take
advantage of a program designed to make home buying easier and affordable
with a lower-than-market interest rate. Combined with very low down
payment requirements, you can own the home of your dreams utilizing
a program designed to make home buying easier and affordable. With
the IHDA program, you can receive a recapturable grant for 4.25%
of the purchase price as a "gift" which can be used for
the 3% down payment and the 1.25% origination fee.
NEHEMIAH
Nehemiah is
a privately-funded down payment assistance program. Since 1997,
Nehemiah has assisted over 170,000 individuals and families to provide
more than $669 million in down payment gift funds.
Highlights of
the Nehemiah Program:
- Gift funds
up to 6% of the final contract sales towards your down payment
and/or closing costs
- Gift funds
for both first time and repeat homebuyers (Nehemiah charges a
nominal processing fee that may be paid by the seller, homebuyer,
or lender.)
- Gift funds
for both new construction and resale homes
- No repayment
of gift money
- No income
or asset limits
- No geographical
restrictions
If you are a
qualified homebuyer using an eligible loan program, such as an FHA
loan, you may be able to move into your new home with zero cash
out of pocket.
To learn
more about the various down payment assistance programs, contact
an experienced and professional DKMC Mortgage Planner and find out
how you can qualify.
|
