What is down payment assistance?
There are thousands of home buyer programs available across the country, and here at Peoples Home Equity, we offer them in almost every state. Down payment assistance is simply funds given to a borrower to help pay for the down payment and/or closing costs on a home. Down payment assistance can come in different forms. The most popular types are loans with deferred payments, loans paid in parallel of your first mortgage, loans forgiven after a number of years, lender credits, and grants.
How do I qualify for down payment assistance?
To qualify for down payment assistance, you must be a first-time home buyer. The industry defines a first-time home buyer as someone who hasn’t owned a home in the last three years. Both you and the property that you are applying for must be eligible. Down payment assistance and community lending programs are for owner-occupant buyers only and cannot be used on investment properties.
A little help to make home happen.
At Peoples Home Equity, we want to help make home happen for families that may feel like the dream of homeownership is out of reach. That’s why we support affordable housing with down payment assistance and community lending programs. We have lender- and agency-funded programs in nearly every state and are adding more every day.
- For families with low to moderate income
- Expanded eligibility covers a wide range of needs
- Financial aid in the form of full or partial down payment or closing costs