The Average Home Buyer Qualifies for $10,000 in Down Payment Assistance

Based on getting to this page, you have done the things over the past several years needed to get pre-approved for a loan, get pre-approved for down payment assistance or down payment grant money and buy a home. Let us review quickly.

1. Credit Score
Down Payment Assistance starts at a 620 credit score. The good Down Payment Money Programs start at 640 and get really good above 680. No private mortgage insurance loans start at 680 and interest rates get better and better the higher you go. If you are planning on buying a home, you have the credit score needed to buy a home and get down payment money and/or get a grant based on the information that you have provided.

99 percent of buyers do not know their real FICO score. A buyer would have to pay around fifty dollars at to get all three of your Fico scores or have another lender pull your credit. All Lenders in the USA use Fico scores to qualify you for a loan and down payment assistance.  When you finish your loan and down payment application here, you will get your real FICO Scores

The sores that you received from free online sources and companies are called vantage scores and they are up to 50 points different from your FICO score. When you take the next step, we will pull your credit and get your real FICO scores. We will use them to get your pre-approved for a home loan and down payment assistance

As a rule of thumb, if your scores are really good, both vantage scores and FICO scores will show that you have good scores. Some Vantage scores go up to 900 and FICO scores only go to 850.

2. Income
If your income is below $135,000 you most likely qualify for some type of down payment assistance. If you make over $135,000, there are private grant sources that you most likely can take advantage but you may not be able to use the money towards you down payment. It can be used in most cases to pay your closing cost and escrow accounts.

3. Debt
Organizations that provide down payment assistance, down payment money and grants do not want their home owner’s to lose their purchased home to foreclosure. The safest way to ensure this is to keep a borrowers debt to income ratio below 50 percent. What that means is that you can spend a total of 50 percent of your gross(total) income on monthly debt payments. When you take the next step, we will determine what you qualify for based on your debt and income.

4. Household Size
Many down payment loans and down payment assistance programs are based on the number of people living in the home. These people do not need to be related. If you are the only one on the loan and you have two friends living with you, you have a house hold of three. If you are married, have two children and your wife’s mother lives with you, you have a house hold of five. The more people in the household up to 7+ people raises the amount you can make and still qualify for down payment assistance.

Final Word
Most people should reach out to us between six months and a year before they plan on buying a home. During that time, we will help you get to the scores you need, the debt you want and the program that is best for you. If you are ready to buy a home now, we will still give you any advice we can that could impact you ability to get a better program. It is up to you to take the next step. If you are ready to start the process to become a home owner, please click on the “five minute fast application” link below.

10 Minute Fast Application Once you have filled this out, you will have an answer and/or pre-approval within four hours