One of the biggest hurdles for home buyers is oftentimes coming up with a down payment for a home. What many home buyers don’t realize is that there is help through Down Payment Assistance Programs- for first time home buyers who qualify for first time home buyer grants, as well as repeat buyers who are also eligible for grants.
Imagine how amazing it would be to have your own home and not have to pay for rent month after month. You will also feel better knowing that, instead of spending money on a place that will never be yours, your hard-earned cash is going into an investment in your name.
If someone offered you money for a down payment, would you take it? “Absolutely,” you say. Well, most people overlook thousands of dollars available to them—because they don’t know to apply for it.
Most REALTORS©, and lenders, are not familiar with these programs, or if they are, prefer to avoid them because of the extra work needed from them. We know these programs top to bottom, and enjoy providing this additional service to our clients. Our preferred lenders feel the same way.
Typical lending guidelines allow for a maximum monthly house payment equal to 36% of your GROSS monthly income; and maximum TOTAL monthly debt payments equal to 42/45% of GROSS income. Total monthly debts includes: house, car, credit cards, student loans, and other loan payments.
Example- Household income of $60,000 per year = $5,000 per month. Maximum house payment = $5,000x36% = $1,800. Maximum monthly TOTAL debt payments: $5,000x42%=$2,100.
**Average to good credit needed to qualify-640/620 minimum credit score** If you have no credit score, (and no bad credit) there may be loan programs available.
We can help you every step of the way! If you would like more information about these Down Payment Assistance Programs or would like to apply for one of these programs, please give us a call/text at 314-518-6500 for an immediate response. Buying a home is easy with The Schott Group.