No Down Payment? You Can Still Buy A Home

Many potential homeowners look at their bank account and figure “there’s no possible way I can buy a home”; however there are many programs that offer down payment and closing cost assistance that potential homeowners are unaware of. This is one reason it can pay off if you take the time to contact a realtor and a mortgage loan officer to see what you qualify for.

First Time Homebuyers have the best opportunities available now –down payment assistance to buy a home complimented by an abundance of available homes and low mortgage interest rates.

And what happens to those that wait?

Assistance to purchase a home will dry up because its only on a first come first serve basis; interest rates will go up and the price of homes will increase. Take a glance at all the programs available to help you with down payments and closing costs;

Workforce Initiative Subsidy for Homeownership (WISH)

The WISH program provides a three-to-one match to down payment funds a homebuyer deposits towards the purchase of a home, up to $15,000; so for every $1 you save up the WISH program will match it with $3

To be eligible for WISH funds, the homebuyer must meet the following eligibility criteria:

• You must enroll in the WISH Program

• You must successfully have completed a homebuyer counseling program

• You have to be a first-time homebuyer, as defined by the member

• You must meet income eligibility guidelines that are at or below 80% of the HUD area median income

• You must open escrow on a home purchase transaction within one year of enrollment in the WISH Program

US Dept of Housing & Urban Development Homeownership Vouchers (HUD Homeowership)

If you qualify for and obtain a Section 8 Housing Choice Voucher, you can use the HUD subsidy to purchase a home via the Homeownership Voucher Program.

• Contact your local public housing agency to apply for the Section 8 program. The Section 8 program provides rental subsidies, known as Housing Choice Vouchers, to households that earn significantly less than their area's median income

• You cannot earn more than 50 percent of your area's median income

• You must get on a waiting list, assuming it is open in the area where you wish to live

• Use your voucher to buy a home

Those are only two popular down payments and closing costs assistance programs but there are many state, local and county programs available to a wide range of potential homebuyers, all with varied income guidelines.

And don’t think for a moment the only grant programs available are for low-income individuals because there are programs that are based on revitalization areas and do not look at your income.

You may qualify for a grant based solely on your employment such as the Good Neighbor Next Door program. It all starts with contacting a real estate agent and a mortgage loan officer.

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Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. 

I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties.  Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont