DOWN PAYMENT ASSISTANCE FREQUENTLY ASKED QUESTIONS

You need at least a 640 credit score for our down payment assistance programs. Your mortgage FICO scores will be pulled. 

We offer down payment assistance for FHA, USDA, and conventional loans.

The maximum debt to income allowed is 50% for conventional, 44% for USDA, and 56.99% for FHA.

We have down payment assistance with and without income limits.

You do NOT have to be a first time homebuyer, but if all borrowers are first time homebuyer, you need to complete a homeownership education for free online and provide the certificate of completion to your loan officer.

Manufactured homes are ONLY allowed with FHA down payment assistance loan  and must meet HUD guidelines for FHA including being on a permanent foundation.

This program only covers your down payment. You as the buyer are still responsible for closing costs. You are also responsible for up front costs such as earnest money, appraisal fees, and inspection fees. (Closing costs may be covered by seller. 3% maximum credit for conventional loans and 6% maximum credit for FHA loans.

You may have your agent ask the seller to cover your closing costs when writing an offer***. Closing costs average around 3%-5% of the home price. If the seller covers your closing costs, all you are responsible for are the up front costs. You may also have a family member gift you the money to pay your up front costs, leaving you with very little to no money out of pocket. ***SELLER CREDITS ARE NOT GUARANTEED!

These vary based on many factors, but you can expect to pay $78 for credit check, at least $500 for earnest money, $650 for an appraisal, and $400 for an inspection total at a minimum $1,630.