Getting a mortgage can be expensive! So here’s how you can get some down payment assistance.
In the video below, Jeremy and his guest Kevin Cade from Old National Bank will walk you through three options for down payment assistance!
WATCH THE VIDEO HERE:
HERE’S AN OVERVIEW:
You can apply for assistance from the Local government, State government, or Federal government. With some banks you can apply for more than one program. Currently a combination of two would add up to about $13,000.
ALL THREE REQUIRE THE FOLLOWING:
- You need to go through Home Buyer Training
- You need to be within a maximum income
Here’s how to find out if you qualify:
• Step One: Contact your Lender
Double-check with your lender to make sure that they accept these down payment assistance programs.
• Step Two: Talk to Your City Government
Your local ordinance will decide if you fit the requirements to be eligible for a down payment assistance program.
• Step Three: Take the Class
Home Buyer training classes should be offered somewhere in your local space. Sometimes there are online classes available that show you how to buy a home.
Closing Thoughts!
- Before picking your lender, come with a list of questions. Make sure down payment assistance is one of those questions.
- Go to 2 or 3 different lenders and see which one has the best options for you!
- If you own the home for 5 years, you do not need to pay it back! They forgive the down payment assistance at 20% annually.
Resources Mentioned:
LOCAL Assistance: HAND Bloomington
STATE Assistance: Indiana Housing & Community Development Authority
FEDERAL Assistance: HOP
Kevin Cade: @ Old National Bank
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