There is a wide gap of knowledge that exists between home buyers and down payment programs. Thousands of dollars are up for grabs to eligible buyers who have no idea that such assistance is available. If you are one of them, then here is your chance to learn how to overcome this lack of information and move closer to buying your dream home.
It’s commonly known that owning a home has always been the American dream. While times may have changed, and the challenges may have increased, but there are still lots of options for people to reach that dream. And it all starts with getting the right information.
For instance, financial assistance programs like the REI Gift 100 in Oklahoma, offers mortgage financing solutions to low-income home buyers. Non-profit organizations like REI work with various institutions such as state lending groups, banks, and mortgage companies. When using when utilizing a REI Gift100, the home down payment assistance comes with guarantees of protection from liens, deed restrictions, or second mortgages filed against the property, with gifts ranging from 3.5% to 5% of the total first mortgage loan amount. The processing period lasts about the same length of time it takes to secure a traditional loan.
Of course, proper and prudent planning suggests that you set a budget and decide which mortgage payment scheme best fits your financial status. Home down payment programs are here to provide you with a head start in buying your own home. This is why it important to assess your qualifications for down payment assistance.
There are different types of loans which are offered with down payment assistance. It includes FHA, VA, Rural Development, Fannie Mae HFA Preferred, and Freddie Mac HFA Advantage. The mortgage rates are generally fixed for 30 years.
If you are worried about additional debt, this type of down payment assistance program will not require you to pay back the amount given to you. It is a gift that comes when you qualify for a mortgage loan.
If you have a minimum credit score of 640, with 45% maximum debt-to-income ratio (DTI), then you’ll have qualified for one of the criteria’s needed to obtain the down payment gift. There are specific underwriting standards that must also be met in order to determine your DTI, so it is always better to consult a mortgage lender or an experienced real estate agent.
With programs such as REI Gift 100, owning a home is now even more affordable than renting one. Borrowers who have successfully applied and received help with their down payment from this program are now reaping the benefits of having a permanent place to call their own. Whether you are a first time home buyer, a young family, or a retiree, the upfront down payment assistance that you will receive will help ease your way into the home buying process.
Trying to save enough money to put down a sizeable down payment on your first home can be a hurdle for most people, especially low-income individuals. However, opportunities abound for those who are informed and well-prepared. If you would like to know more about getting down payment assistance for a home in Durant, get in touch with me through email or phone and I would love to answer any questions you have about down payment assistance programs and explain how to purchase your next home through a REI Gift 100.