How to Buy a House with Down Payment Assistance — You Could Get $25,000+ in Some Areas!

How to Buy a House with Down Payment Assistance — You Could Get $25,000+ in Some Areas!


– [Nicole] Low income home
buyers all across America may qualify for thousands of dollars in down payment assistance. I’m Nicole, from LowIncomeRelief.com. At Low Income Relief, we
help millions of people save money and get free stuff. Please take a moment to
subscribe to our channel and enable notifications so
you never miss another update. You probably already know
this but housing is expensive. Last year, the New York Times reported that millions of low-income Americans are paying 70% or more of
their income for shelter. It’s no wonder why we’ve
heard from so many people who are panicking about
their housing costs. Rising rent prices are pushing
more low income households to consider buying homes. But high down payment requirements can make home ownership seem
like an impossible dream. Many people have asked us to investigate down payment assistance programs so that’s exactly what we did. Our research team has spent nearly a year investigating down payment
assistance programs and other programs for
first time home buyers around the United States. We’ve researched every single state to find out what programs
are available for you. You can see our full list of first time home buyer
assistance programs at LowIncomeRelief.com. We have a helpful list,
organized alphabetically by state so that you can quickly and easily find the programs that are
available in your area. I first learned about down
payment assistance programs when we were preparing to
purchase our home in 2015. We were working with an incredible lender who helped us raise our credit score and also helped us secure
a $5000 down payment assistance grant toward
the purchase of our home. This program paid $5000
toward our expenses, it is forgiven at a
rate of $1000 per year, every year that we own the home. After five years, the
debt is completely erased, we only have to repay the money if we sell the home
before the five year mark. Of course, this is just one example. We have found many other types of down payment assistance programs, too. What you may qualify for really depends on where you want to buy your home and what your unique
financial situation is. There are many programs
across the United States that offer down payment assistance. Here are three of our favorites. The Good Neighbor Next
Door program is amazing. It provides discounts on
eligible single family homes that are located in designated
revitalization areas. Through this program
you may be able to buy eligible homes for 50% off and have a down payment of just $100. This program is only available in HUD designated revitalization areas. It is exclusively for
law enforcement officers, pre K through 12th grade
teachers, firefighters and emergency medical technicians. You must live in the
home for a full 36 months or you may have to pay
back part of that discount. NeighborhoodLIFT also provides
down payment assistance but the amount of help you
receive varies significantly depending on where you want to buy a home. For example, they are
currently offering $7500 in down payment assistance in Alabama. But if you’re shopping in
Los Angeles, California you could receive up to $25,000. The National Homebuyers Fund provides down payment assistance also. They may be able to give you up to 5% of your total mortgage amount, although the details may vary depending on which program you use and where you’re buying your home. Many states and counties offer down payment
assistance programs also. The absolute best programs we’ve found are the local ones. For example, in Anaheim, California, there are programs that could give you up to $125,000 towards your down payment. Of course all of these programs have their own benefits and drawbacks because they have their own
specific terms and rules. Sometimes the down payment assistance is awarded as a grant that
does not have to be repaid, however, you need to be very familiar with the rules of the
program that you choose. Because in some cases the
grant may need to be repaid. For example, our $5000 grant may have to be partially repaid if we resell the house within
five years of purchase. Sometimes the down payment assistance is awarded in a low-cost
or interest-free loan. These function like secondary mortgages even though they’re usually
much more affordable than your primary mortgage. Sometimes they have to be
repaid like a normal mortgage but usually they are deferred. Differed down payment assistance does not have to repaid until
a certain specific point. In many cases, down
payment assistance loans are deferred until you sell the home or pay off the primary mortgage. For example, the city of
Bellingham, Washington offers a $40,000 down
payment assistance loan that is deferred for 30
years after the home purchase unless you sell the home before that time. Obviously, the down
payment assistance programs you may qualify for, really depend on where
you want to buy your home. That’s why we’ve researched all 50 states to see what first time home buyer programs are available to you. You can find our detailed
state-by-state list at LowIncomeRelief.com/DPA. Thanks for watching. At Low Income Relief,
we’re dedicated to helping low-income households save money and get free stuff. Discover all the ways that we can help you at LowIncomeRelief.com. Don’t forget to subscribe to our channel and enable those notifications so you never miss another video.

7 thoughts on “How to Buy a House with Down Payment Assistance — You Could Get $25,000+ in Some Areas!

  1. Are there any programs to help me fix my house I live in the woods in Northeastern Michigan, I can’t afford to fix and upgrade my home?

  2. Hello, thank you for the information, I will be looking at all of them Thank you for sharing and have a great day.

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