Is down payment assistance for everyone?
Homeownership programs are available nationwide, and the average down payment assistance benefit is currently between $10,000 and $12,000. These programs can help homebuyers get into a house sooner than they may think and give them a valuable cash cushion for other expenses, like the home inspection and possible repairs.
But what does it take to qualify for down payment assistance?
There are actually two components—both the homebuyer and the property must meet certain criteria. Homebuyers can use our search tool to determine if they (and the home they want to buy) may meet the basic qualifications for a program.
It’s also important to note that the criteria will vary by program. Here are a few things to keep in mind when searching for down payment help.
What are the requirements for the buyer?
Family finances matter. There are household income limits, credit score minimums and cash reserve requirements. Income limits are based on the area median income and will vary by household size.
Most programs will require some money down from the homebuyer, as well as homebuyer education, especially for first-time buyers. Homebuyer education provides important information on finding, purchasing, and owning a home to help ensure long-term, successful homeownership. keep reading