If you would like to take advantage of a down payment assistance loan or grant, you must first fulfill certain criteria. They vary depending on your zip code, but most of them depend on the following:
If you are looking to buy in a targeted area, then you are more likely to be approved, and you may receive more money as well. Targeted areas are federally recognized locations where economic growth needs to be stimulated. Therefore, homeownership is encouraged, and made easier in these places.
How much you receive for your Down Payment Assistance (DPA) loan in the Stuart, FL area very much depends on where you intend to buy a home. It can range from absolutely nothing, to several thousand-dollar grants that never have to be paid back.
There are also many variables that affect the total amount available, so it is not possible to give an exact figure.
It is also worth noting that some DPA loans and grants can be used for closing costs, as well as the down payment. Others may not allow it.
All Stuart, FL home loan down payment assistance programs stipulate that your mortgage must be borrowed from an approved lender, such as Compass Mortgage. They may also stipulate that you must sign up for a specific type of mortgage. However, most DPAs will let you take the following loan programs:
If you intend to purchase a home near Stuart, the good news is that there are three types of DPA programs available to you. These are granted by the Florida Housing Finance Corporation:
Contact an approved mortgage lender to understand what types of DPA programs are available in your area. If you intend to move to a different area, contact your local mortgage lender to let them know. They will have the local knowledge to help you understand what help is available.
For the Stuart, FL area, contact our team at Compass Mortgage. We can provide you in-depth information about the types of help available according to your personal circumstances. We are an approved lender and offer all mortgages that are complementary to the DPA programs. Stepping onto the property ladder has never been easier. Call our mortgage loan team today to find out more.