Home is where you and your family live. Not all families or individuals have their own home. This may be due to the fact that owning a home does really cost a lot of money. Home loans are available for those who want to get their own house and need financial assistance in getting it. Though you can get assistance in paying for the house or the construction of the house, you still need to pay for a down payment. If you also don’t have money to pay for the down payment, you can get down payment assistance for your home loan. FHA or Federal Housing Administration makes this possible.
If you want to get down payment assistance for your home loan, refer to the information below:
- To be able to get down payment assistance for your home loan, you need to meet the requirements for eligibility to the FHA loan program. To be able to qualify you need to have a low income which is not enough to buy a home, your credit score must be at least 600, you must have been consistently working for 2 years and you must have a source of income to pay for the home loan. Credit score is used by lenders as a way of checking if the borrower is a good payer and has a big possibility that he will be paying for the loan. The timeliness of your credit payment is one factor considered on your credit score. If you pay for your credit on time, you are likely to have a higher score. If you meet the requirements then you are eligible for the down payment assistance program.
- The next thing you need to do is go to your bank or lending companies where you will get your home loan. Inform the person in charge that you would like to apply for a home loan as well as the down payment assistance program. The person in charge will give you paperwork that you need to fill up. Make sure to write all necessary information needed for the application.
- The person in charge will give you instructions on what you need to do next.
- Wait for the result of your home loan and down payment assistance. It usually takes days before the result will be released.
- The person in charge will contact you regarding the result of your application. If your application was approved, go back to the bank or lending company for any contract you need to sign or information needed to finalize your request.
- Once all needed information is given, the money will be deposited to your account by the bank or lending company.
With the down payment assistance program, it’s now possible to get your
own home. Make sure to pay your credit on time so that your credit score
will go up. FHA also has other programs in cooperation with banks and
private lenders that aid people with low income to get their own home.