For many, being a homeowner is a dream come true. Though houses are expensive investments, plenty of people can move in by paying a down payment that is only 20% of the actual cost of the home. Some people, however, still have trouble meeting that 20% threshold. Fortunately, institutions like the Wasatch Peaks Credit Union provide down payment assistance in Ogden.
What is down payment assistance?
Down payment assistance programs are usually soft second or third mortgages or grants. These programs are there to help you afford the down payment or any other fees that come with buying a home. These loans are easy on the pocket because you don’t have to worry about interest rates or heavy penalties for late payments.
This program is perfect for first-time home buyers since assistance programs are more lenient with their terms than other lenders.
To qualify for the program, you have to meet income, credit, and debit requirements. These are to make sure that you are capable of paying back the money that you’ll borrow. Lenders might also look at your profession to see whether your income would allow you to pay the monthly installments.
The benefits you’ll receive could also depend on the percentage range of the median income of the place where you live and the price of the home you intend to buy.
With the help of down payment assistance programs, you need not worry about where to get the money to pay for your dream home. As long as you’re sure you can keep up with the monthly installments, these programs are essential to any aspiring homebuyer.