Printer Friendly Page

Down Payment Assistance ProgramsI have questions about Down Payment Solutions™

Frequently asked Questions

How Do I Know If My Lender/Broker or Realtor® is Approved With Down Payment Solutions™?
Just Look for these Seals of Approval on participating Lender/Broker/Banker and Realtor® and Real Estate Agent Web Sites! They will link back to our site.

Preferred Lender Status

Preferred Broker Status

Preferred Banker Status

Preferred Real Estate Agent Status

Preferred Real Estate Appraiser

Preferred Home Inspector

Preferred Title Company

Back to top

Do I Need to Have a Realtor® to Use Your Services?
Absolutely Not! Remember, we do not offer Down Payment Assistance, but simply information focused on helping home buyers become home owners! If you're involved in a "for sale by owner" transaction, we do recommend using a participating Lender/Broker/Banker with our approval logo. However, the information and tools are yours to use as your needs determine, and as you see fit.
Back to top

Why Should I Use Down Payment Solutions™?
While there are many reasons to support our services, we encourage you to visit our About Page and our Benefits Page for a more detailed explanation of the benefits of using our sponsor and partners.
Back to top

What is the Difference Between Charity and Government Assistance?The basic difference is that Charity Assistance is solely seller Contribution-driven, whereas Government Assistance is Income-driven . Both can help you achieve the same results. Home Ownership!
Back to top

Should I Try For Government Assistance?
Absolutely! In some instances, you can actually use both types of assistance programs to your benefit. Government programs, which place second mortgages on homes purchased, typically do not mind multiple down payment sources, as long as they do not displace their second lien status! This is a definite plus. Our partner Lender/Broker/Banker representative will look at all the options for your benefit!
Back to top

How Does Charity Assistance Benefit a Seller?
The primary benefit of seller participation in a Charity sales agreement is that the seller will typically get the amount of funds at closing he or she wanted. You simply reap the benefit of being the home buyer. Check out our Benefits Page for more details!
Back to top

How Do I Know What to Do for Charity Assistance?
When dealing with our site, down payment assistance can change from being your problem to that of our sponsoring Lender/Broker/Banker and Realtor®. Your Lender/Broker/Banker will identify your needs and create the solution your Participating Realtor® must have for a successful contract. It's That Easy! If you're a do it yourself'er, just review the Instructions on methods for creative financing.
Back to top

How Do I Qualify for Government Assistance?
When dealing with our site, Down Payment Assistance can change from being your problem to that of our partner Lender/Broker/Bankers and Realtor®. Your Lender/Broker/Banker (whether a partner or not) should identify your needs and assistance qualifications and structure your loan package accordingly. From their, they will create the solution your Realtor® must have for a successful contract. It's That Easy!
Back to top

How Do I Qualify for Charity Assistance?
There are two basic qualifications. The first is qualify for a Mortgage Loan. The second is to insure that you have a willing seller. That's it! Frankly, the hardest part is qualifying for the loan. Down Payment Solutions™ are the easy Part.
Back to top

Which Down Payment Assistance Type Should I Apply For?
Both! In Lending, everything hinges on presentation. The harder the credit, the more important the presentation becomes. Down Payment Assistance not only can determine whether you have money to close, but it can determine how much cash reserves you have, and that all important Loan-to-Value risk factor. Your participating Lender/Broker/Banker will work with you to create the most attractive loan package possible!
Back to top

Is There a Maximum Gift Amount?
With government gifts and assistance programs, there are several factor to consider when determining your maximum gift amount. Your income must be within the stipulated range for median income requirements for your market area. This median income guide determines if you qualify and for what amount. (This is your cap) Very low income buyers may qualify for an additional "Hardship" grant that runs as much as $25,000.00 or more above the basic assistance guidelines. All of this depends upon the area you reside in, funds availability and the programs presently available. For Charity assistance programs, the cap is limited by the qualifying contribution of the seller, the Not-For-Profit being used, and the lenders underwriter approving the large donation amount.
Back to top

What if I have Bad Credit?
Not to fear, credit alone cannot disqualify you for Down Payment Assistance using Charity programs. Government programs may elect to disqualify you based upon credit, but they will normally make exceptions if you have been approved by a Lender for a low-interest fixed-rate loan. If you find, after going through the process, that you simply cannot qualify for the right loan, our partner Lender/Broker/Banker representatives can provide a "road map" for your future home ownership!
Back to top

What if I Have A Lender Already?
It's really easy. Just forward the link to this site, along with a message requesting they partner with us. If they're approved, you know you've got a top notch Lender/Broker/Banker. If they're declined, then you may want to consider changing your Lender/Broker/Banker to one who carries our seal of approval. Remember, if you're at this site, and your Lender/Broker/Banker is not looking for the funds which you need to close, then you may have the wrong Lender/Broker/Banker already. We believe that Lenders/Brokers/Bankers should be working for you, not you working for them.
Back to top

What if I Have A Realtor® Already?
Just forward the link to this site requesting that they join us!
Back to top

Realtor® is a registered trademark of the National Association of Realtors. We use the term liberally to mean Real Estate Agent. The National Association of Realtors has no relationship with this site nor do they endorse it. However, We Gladly Endorse Them and Highly Recommend you retain the services of only Registered Active Members of the National Association of Realtors.

Home Buyer Education:
LIBOR


Copyright Copyright Notice2003 - 2012 U.S. #TX0006199019 - All Rights Reserved
Privacy Policy/Terms of Use

I can use Down Payment Assistance!
Buying My Home With Down Payment Help
Sponsor
Home Buyer Help

Valid HTML 4.01!

Advertise
Refer Our Website
Credit Repair Techniques
Mortgage Calculators
Benefits to Mortgage Professionals
Benefits to Builders
Benefits to Realtors
Benefits to Sellers
Articles
Real Estate Terms
Home Buyer Education
First Time Home Buyer Grants
Charity Resources
Benefits To Home Buyers
Down Payment Assistance Home Page
Frequently Asked Questions
About
Find Local Professionals
MLS Search
line bar2
line bar3
line bar4
line bar5
line bar6
line bar7
DOWN PAYMENT SOLUTIONS™
line bar9
line bar10
line bar11
line bar12
line bar13
line bar14
line bar15
line bar16
line bar17
line bar18
MENU


Article:
Mortgage Payments

bookmark this page

Link To Us - Your Link is why we are found in the search engines! Please Support Our Site



Down Payment Solutions
Find Success

Other Important Links for down payment assistance and first time home buyers:

Home Buyer Grants By State:
Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Hawaii - Idaho - Illinois - Indiana - Iowa - Kansas - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Michigan - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - New York - North Carolina - North Dakota - Ohio - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - DC - West Virginia - Wisconsin - Wyoming