When you’re buying a home, coming up with a 20 percent down payment might be the toughest part of the process.
So what can you do if you’re facing a task that just seems insurmountable?
Look for down payment assistance.
What is Down Payment Assistance?
Down payment assistance can be any form of help coming up with the cash to make a down payment on a home.
It can come from:
- State housing agencies
- Local housing agencies
- Lender-specific “community reinvestment” programs
- Community grants
- The Federal Housing Administration
- Fannie Mae
- Freddie Mac
This isn’t an exhaustive list, either. You may be able to find other avenues for down payment assistance, as well, although these are the most common.
Qualifying for a Down Payment Assistance Program
Every agency offering a down payment assistance program has different requirements. However, some of the most common qualifications include:
- Being a first-time homebuyer
- Intending to live in the property as your primary residence
- Taking a homebuyer education counseling course and getting a certificate of completion for it
- Meeting your lender’s requirements
- Making (or not making) a certain amount of money
How Do You Find Down Payment Assistance?
Start with the Department of Housing and Urban Development.
They’ll be able to direct you toward down payment assistance programs in Colorado that may be able to help you.
Your lender will have the final say in whether you can use a down payment assistance program, so it’s a good idea to check around and find programs that your lender is amenable to before you begin applying.
Are You Buying a Home in Grand Junction?
Now is a great time to buy a home in Grand Junction, so please feel free to explore our listings (broken down here by price) to find homes that fit within your budget:
- Grand Junction, Colorado homes for sale from $100k to $200k
- Grand Junction, CO real estate from $200k to $300k
- Homes for sale in Grand Junction between $300k and $400k
- Grand Junction real estate listings between $400k and $500k
- Grand Junction, Colorado homes for sale from $500k to $600k
- Grand Junction, CO real estate from $600k to $700k
- Homes for sale in Grand Junction between $700k and $800k
- Grand Junction homes for sale from $800k to $900k
- Grand Junction, Colorado homes for sale from $900k to $1 million
- Grand Junction, CO real estate listings over $1 million