Buyer Down Payment Assistance Programs
Down-Payment Assistance Programs, also called "DAP's," help homebuyers purchase a home by helping them with funds to be used towards their down-payment and/or closing cost.
This is turn helps a buyer reduce the amount of money they have to save in order to buy a home.
For the record, there are basically four types of DAPs that can be obtained by a qualified home buyer: 1. Grant: this is bascially a gift that will not have to be repaid;
2. 2nd Position Loan: As stated, is a 2nd loan on the home and monthly payments are made;
3. 2nd Position Loan: In this version of a 2nd, you do not make monthly payments and is only paid off when you sell or refi;
4. 2nd Position Loan: *Over time and if payments are made on time. The amount owed would be forgiving;
>>>Please note this is a general overview of the types of loans and one should speak with a lender regarding a program<<<
*This type of loan traditionally uses a 5 year span where it would be forgiven but it could be as high as 15 or 20 years
Types of Down Payment Programs
MyHome Assistance Program
If you would like a referral to a trusted lender...
GSFA Platinum Program
City Specific Programs
First Home Mortgage Program
And many more...
Each program has its own guidelines and buyer requirements. Speaking with a lender who specializes in these types of loans is very important.