How to Buy a Home With Down Payment Help

These are some universal steps that will help you stay on track if a homeownership program is part of your home financing plan, Follow these steps to get the most of using a homeownership program:

• • Do some upfront homework. Research local homeownership education and counseling resources that can help you with the process.
    
  • Determine your budget. Figure how big a monthly mortgage payment you can afford on your salary. Don’t forget that your mortgage payment may include taxes and insurance too which you can estimate.
    Create a savings plan. Build a spreadsheet (or use an app) to track your expenses.
    
    
  • Research down payment assistance programs in your area. Contact the agency offering the program or a homeownership counselor who can help you with the process.
    
    
  • Both the buyer and the home must qualify for the assistance. Find out the home price limits and any community or neighborhood boundaries for the program that may impact your home search. Find out if you can use the program on new construction.
    
  • Get a list of participating lenders for the homeownership program, available on the program provider’s website. Not all lenders offer every program.
    
  • Get prequalified for a loan so you can review the numbers and make an educated decision on the type of financing.
    
  • Compare offers and ask lenders about any other programs for which you may qualify. You may even be able to layer programs, for example down payment assistance plus a tax credit.
    
  • Review mortgage insurance options with your lender.
    
    
  • Complete homebuyer education courses that are often required when using a down payment assistance program.
    
    
  • Ask about your options for using the funds. Can they be used for down payment or closing costs, or both?
    
    Do you have any questions? I can help, 📞 now!
    Iveth Caruso, your REALTOR in the North Atlanta Area