Down Payment Assistance 

What is it?

Thinking about buying a home, but having trouble saving for the down payment? You are not alone! Coming up with enough cash to put down on a home is often the biggest roadblock for many hopeful buyers.

The good news is that Evesham Mortgage has many great down payment assistance (DPA) options to help you on your journey towards homeownership. DPAs can come in many forms, from grants to second or third mortgages. The amount of the DPA will vary and can often be used towards both your down payment and closing costs.

NJHMFA

With the NJHMFA Down Payment Assistance Program, qualified borrowers can receive a $10,000 grant that does not have to be repaid. That means that your down payment may be completely covered by NJHMFA! It works like a standard FHA loan, so it has less stringent qualifications and credit requirements compared to Conventional financing.

• Receive a 3.5% down payment assistance grant that you can use for your down payment or closing costs
• Flexible qualifying criteria
• Up to 96.5% loan-to-value (LTV) financing available
• Available in NJ only 
• Certain income limits apply - ask your loan officer for more details

 

Benefits

• Help those who might not otherwise be able to come up with a down payment
• The DPA can often be used towards your down payment or closing costs
• Most DPAs are for first-time homebuyers with more flexible qualifying criteria
• May help you purchase a home sooner

 

State and Local Down Payment Assistance Programs

There are also a ton of great down payment assistance programs available through state or local government programs, aimed at helping the homebuyers and communities that they serve. These local DPAs can include a second lien, a grant that doesn't need to be repaid, tax credits or a broad array of other opportunities. They are often adjusted for local median income and home prices. Ask your Loan Officer for available options in your area.

And while many DPAs were designed for  first-time homebuyers, the definition of a first-time homebuyer in the mortgage world just means that you haven’t owned a home in three years. So, if you’ve been renting but have owned a home in the past, you may qualify as a first-timer again!

If you’re not sure what down payment assistance programs may be available in your area, speaking to a loan officer is be a great place to start. 

Get pre-qualified now and we'll review your current financial situation and credit score to help you find the best option for you.