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Down Payment Assistance Program Options

February 17, 2016 | 1 minute read

Having a Hard Time Saving for a Down Payment?

There are many programs available to help home buyers looking for some assistance with their down payment.

Down Payment Assistance Programs

For many first time buyers, saving for a down payment is one of the biggest challenges to homeownership. Summit Mortgage offers several programs that offer assistance to homebuyers. Contact us to see if you qualify for one of our down payment assistance programs.

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State Grants

Some states offer grant programs for first-time homebuyers, low-to-moderate income individuals and families looking to buy a home. With down payment grants, the funds do not need to be paid back.

Low Down Payment Programs

You don’t need to put 20% down to buy a home. We offer low down payment options with as little as 3% down. Some states offer government sponsored programs to make low down payment programs even more affordable.

Down Payment Loans & Tax Credits

Down payment assistance programs can also be offered in the form of a loan, often tacked on to the primary home loan to assist cash-strapped buyers. Many areas also offer tax credit programs offering additional financial incentives for home buyers.

Down payment assistance programs are available in many states

Down Payment Assistance Programs:

  • Most programs have income and/or location restrictions
  • Many states offer state-specific assistance programs
  • Programs often require a homebuyer education class.
  • Sometimes multiple programs can be used for a single purchase, giving the buyer even more flexibility.

There are many options for down payment assistance programs which can vary greatly depending on your state. Please contact me to find out if you qualify for any down payment assistance programs in your area.

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