Imagine living in your very own house and having a birthday party on the front lawn. That image you’ve created in your mind can become a reality, even if you need down payment assistance.
Are you looking for a down payment assistance program in Detroit or Atlanta? National Faith Home Buyers is offering $7,500 towards the down payment and closing costs when buying a home.
Buying a house includes more than simply securing a mortgage for the purchase price of a home. In addition, you'll be required to pay a down payment and closing costs. Coming up with thousands of dollars to pay the necessary closing fees can deter many of us from buying a home. Fortunately, there are down payment assistance options, thanks to organizations like National Faith Home Buyers.
Requirements:
- Monthly mortgage payments must be at or below 31% of your gross monthly income
- First-time home buyers or those who haven't owned a home in 3+ years
- Must have a home loan that allows you to have secondary financing
- Must sign secondary mortgage and promissory note
- Cannot currently own another home
- $1,000 of your own money required
- First-time home buyer classes
- Income limits
What's included:
- $7,500 loan that's forgivable after 5 years
- 0% interest if you live in the house for 5 years
Partial list of cities that qualify for assistance:
- Allen Park
- Belleville
- Brownstone
- Gibraltar
- Gross Pointe
- Highland Park
- Lincoln Park
- Plymouth
- Rockwood
- Southgate
- Wayne
- Wyandotte
- And MORE!
We hope you'll take advantage of this program if you're seeking down payment assistance in Detroit or Atlanta. Recent reports indicate that the amount of down payment assistance may have increased! For more information, please visit the National Faith Home Buyers website.
Share this article with your friends and family in the Detroit and Atlanta areas so they can take advantage of the down payment program too.
For more information about buying a home, please download Reazo's comprehensive home buyer's guide and bookmark it for future reference:
