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Down Payment Assistance Programs
At Premier Point Mortgage, we understand that one of the biggest challenges for homebuyers, especially first-time buyers, is coming up with the down payment. That is why we proudly connect eligible clients with Down Payment Assistance (DPA) programs that help bridge the gap between the dream of homeownership and reality.
How We Help You:
Assess your eligibility
Recommend the best-fit option
Combine DPA with loan programs
What Is Down Payment Assistance?
Down Payment Assistance (DPA) programs provide grants, loans, or other funding to help cover your down payment and sometimes closing costs. These programs are often sponsored by state housing agencies, local governments, nonprofits, and lenders and many are tailored to first-time homebuyers, veterans, or buyers in specific income brackets or locations.
Who Qualifies?
Some programs are only for first-time homebuyers, while others are open to repeat buyers or buyers in targeted areas. Eligibility requirements vary by program, but most include:
- Minimum credit score of 620 or higher
- Home must be a primary residence
- Maximum household income thresholds
Types of Down Payment Assistance
Forgivable Loans
Typically zero percent interest and forgiven after you have lived in the home for a set number of years, such as five to ten.
Deferred Payment Loans
No payments are due until you sell or refinance the home. This option is great if you are tight on cash now but expect equity growth later.
Matched Savings Programs
You save a set amount, and the program matches it, sometimes dollar for dollar, to boost your down payment funds.
FAQ
Q: Do I have to repay Down Payment Assistance?
A: It depends on the program. Some DPA options are grants that never have to be repaid. Others are forgivable loans that only need to be repaid if you sell or refinance your home within a certain timeframe. Deferred loans may require repayment when you sell the home or pay off your mortgage.
Q: Who qualifies for Down Payment Assistance?
A: Eligibility varies by program, but many are designed for first-time homebuyers, low to moderate-income earners, or buyers purchasing in specific geographic areas. Most programs require a minimum credit score, steady income, and completion of a homebuyer education course.
Q: Can I qualify for Assistance if I’ve owned a home before?
A: Yes, many programs are open to previous homeowners, especially if you haven’t owned a home in the past 3 years. Some programs also have options for repeat buyers or buyers in specific communities or professions, like teachers, first responders, or veterans.
Q: How do I apply for a Down Payment Assistance program?
A: The first step is to speak with a participating lender like Premier Point Mortgage. We’ll evaluate your eligibility, recommend available programs, and guide you through the application process. Most programs require documentation like income verification, a homebuyer education course, and lender approval.
Let’s See What You Qualify For
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Premier Point Mortgage
NMLS #2184348
Premier Point Mortgage guides you every step of the way, making your journey to homeownership stress free; now that’s Home Financing Simplified!
990 Raritan Rd. Clark, NJ 07066
Legal Statements
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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