DOWN PAYMENT ASSISTANCE
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Down Payment Assistance
The most intimidating part of purchasing a home is almost always the down payment. It can be difficult raising anywhere from 5% to 20% to purchase a home, particularly in urban or highly-developed areas. As a result, thousands of potential homebuyers are discouraged from purchasing a property—and saving on monthly costs—because of a hefty upfront cost. Thankfully, First Integrity Mortgage Services Inc. offers down payment assistance in conjunction with many of our most popular home loan programs.
If you’re approved for conventional, FHA, VA, or USDA loans, you’re likely qualified to receive some form of down payment assistance too. There are several different forms that this financial assistance can take, including government grants, gifts from family members, or assistance from community non-profits. All of this can make that unwieldy upfront cost far easier to manage.
Down Payment Assistance Highlights
- Down Payment of 0% to 5% of the purchase price for primary residences only.
- Missouri’s MHDC program allows for a forgivable 4% grant to be used toward down payment and closing costs.
- Illinois’ IHDA program allows for the same type of grant at 4% forgivable, 5% deferred, 10% repayable, or 1st Home Illinois (certain counties $7,500).
- There are also a variety of community down payment assistance programs that could serve as a substitute or be combined with Missouri’s MHDC and Illinois’ IHDA programs.
- Down payment assistance loans are backed by Fannie Mae or Freddie Mac, FHA (Federal Housing Authority), VA (Veterans Administration), or USDA (United States Department of Agriculture).
How to Find Down Payment Assistance
As you can see, there are a lot of different forms that down payment assistance can take. If you’re not sure what type of assistance works best for your financial situation, you’re in the right place. The team at First Integrity Mortgage Services Inc. will work with you to identify the right type of home loan and assistance for you, taking special care to find outside benefits that you may be qualified to receive. That’s how we show our dedication to our clients.
To learn more about down payment assistance or to speak to a loan officer, contact us at 314-878-7900 or apply online today.
