If you’re ready to be a homeowner but not sure if you can save enough for a down payment, Primary Residential Mortgage, Inc. (PRMI) may be able to help.
We understand that buying a home is about more than just having a place to call your own. It’s a move toward independence and self-reliance, and it’s the foundation for future financial success. That’s why we work with Down Payment Assistance (DPA) programs that help homebuyers with their down payments so they can save their money.
Down Payment: Myths and Reality
People often think they can’t get a mortgage because it requires a hefty down payment—if you’ve heard 20 percent down, you’ve been paying attention. However, 20 percent isn’t the norm anymore. Today, most people can get a mortgage with less than four percent down! Still, four percent of $150,000 is $6,000. For many, that’s a big chunk of change.
Down Payment Assistance
Many cities recognize that homeownership isn’t just good for homeowners; it also strengthens communities. That’s why many work with nonprofit agencies to offer homebuyers down payment assistance. These programs help borrowers get the funds to meet the lender-required down payment. Some even cover the entire down payment and some closing costs!
DPAs vary in how they function, but the goal is the same—to help borrowers meet the lender’s requirements to get a home loan—also called a first mortgage. Often, this is done with a second mortgage—another loan that’s applied as the down payment. These are usually extremely affordable, with interest rates as low as zero percent. Some even delay repayment until the house is sold, while others can be completely forgiven, meaning YOU DON’T HAVE TO PAY THEM BACK.*
Cities use DPAs to stimulate growth and increase affordable housing. Typically, they include income limits or area restrictions. Some are only available to first-time homebuyers, but that could include buyers who haven’t owned a home within three years. That means, if you’ve owned before but had to sell for some reason, you could still qualify as a “first-time homebuyer.”
Available Through Qualified Lenders
DPA agencies protect borrowers by limiting loan costs, requiring homebuyer education and working only through approved lenders, like PRMI. This ensures you understand all the options available to you and that you have a professional by your side.
Become a Homeowner Today
Buying a home is a big step. It’s also one of the most empowering. PRMI understands how important homeownership is. It can help build personal wealth and offers independence and self-reliance. DPA programs can make buying a home easier than you think.
To find out more about your DPA opportunities, contact a PRMI loan originator today!
*Closing costs and fees may apply. First lien interest rates maybe higher when using a DPA second.
If you're ready to take the next step, work with a team that can provide the personal attention you deserve. Our mortgage company has helped over 200,000 borrowers fulfill their dream of home ownership. We'd love to help you too!