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