The amount of money a borrower must have for a down payment and closing costs is one of the largest obstacles many buyers face to owning a home. Home buyers who need assistance with a down payment may take advantage of a few options. Along with several local programs that offer grants, down payment assistance loans provide borrowers with a junior loan to cover closing costs.
Many buyers make the mistake of assuming down payment assistance is only available to low-income buyers. Programs are varied, and most allow borrowers to earn between 80 and 120 percent of the median income in the area.
The following is an overview of popular down payment assistance loans available. Request information from a loan specialist in your area for similar programs that are available for your state.
The economic downturn affected just about everyone’s credit in one way or another, making it difficult to build good credit. But help is still available for homebuyers looking for an affordable way to purchase a home with almost no money down, if they know where to look.
With borrowers trying to get back on their feet, we understand the challenges of meeting the requirements of a down payment. To overcome these hurdles, banks have created a growing number of Down Payment Assistance Programs. From interest-free second mortgages to grants and special loans, banks are finding ways for the average person to purchase a home with little money down. These types of loans still have limitations, but offer hope for buyers. Statewide down payment assistants are also available to answer any questions.
There are several local programs that provide buyers with down payment assistance and loans.
To find additional programs in your area, check with your city housing finance agency, a lender or a local nonprofit housing organization.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020