Helping you Bridge the Gap to Home Ownership
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 Homebuyers who qualify for first time homebuyer 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.
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.
We can help you every step of the way! Buying a home is easy with The Schott Group.