Home Buying Help: How Down Payment Assistance Programs Work

Home Buying Help: How Down Payment Assistance Programs Work
Happy young couple lying on the floor at new home

Buying a home for the first time is an exciting process, but it can be stressful if you don’t know whether or not you can afford your down payment. Fortunately, there are several down payment assistance programs that you may apply for through public or private support. 

What Is a Down Payment Assistance Program?

Down payment assistance programs are available to first-time homeowners or those who haven’t owned a home in the last three years and don’t own rental or investment properties. Such programs are offered in a variety of ways and are either run by government agencies or nonprofits. 

Common Types of Down Payment Assistance

Some of the most popular types of down payment assistance programs include:

How to Qualify for Down Payment Assistance Programs

Most first-time homeowners qualify for down payment assistance if they have a minimum credit score of 620 and do not exceed the area’s income limit. Some programs may require you to take classes on finances, and you may have to live in the home for a certain amount of time.

Finance Your Home with Butler Mortgage

If you’re a first-time homebuyer looking for a perfect mortgage solution, look no further than Butler Mortgage. We’ve helped homebuyers for more than 25 years in Florida and are proud to bring our services to Georgia. Fill out our free consultation form online or call us today at 407-931-3800 to get started.  

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