Down Payment Assistance Programs (DPA)
So you’ve found your dream home and your lender has approved you for a mortgage. But there’s one catch – you’re short of the cash you need for a down payment.
If you’re not familiar with a down payment assistance programs and are unsure of how they can help you secure financing, you’re not alone. 70% of U.S. adults are unaware of down payment assistance programs in their community according to a recent survey from NeighborWorks America.
On Q Financial has a large variety of programs that could help cover some or all a portion of your required down payment on your next home. Best of all, some down payment assistance programs are in the form of are grant programs that don’t need to be repaid!
There are hundreds of millions of dollars available for down payment assistance right where you live. Many government agencies at the state, county, and city level provide financial assistance for people in their communities who are well qualified and ready for homeownership.
Homebuyers with little money for a down payment are also finding more home loans available with a low down payment or in some circumstances, no down payment.
In addition to almost every city and state having a State/City sponsored down payment assistance program, there are also specialized home loans program available that offers minimized or no down payment like:
FHA Home Loans
Home Loans Backed by Fannie Mae or Freddie Mac (government sponsored loans)
And many more
USDA Home Loans
VA Home Loans
Section 203(k) Rehabilitation Loans