Here are the 3 BIGGEST myths when it comes to down payment assistance:
While many down payment programs do have income caps, there are plenty of programs that have more flexible income requirements or no income requirements at all. (Check here for a list of programs in your State)
Most programs require that you do not own a home at the time you go through the program but that doesn’t mean that you have to be a first time home buyer. In some instances, as long as you have sold your home and do not own it during the time you are applying for the program, you’re still eligible! (Requirements vary from State to State. Wondering what your State offers, I’ve created lists of down payment programs for over 20 States Download yours here!)
Even though you can lower or eliminate your down payment by using these programs, you STILL need to SAVE money. These programs are not a way for you to get into home ownership before you’re financially prepared. It’s a way for you to leverage other resources to make your money stretch further.
PRO TIP: Layering down payment programs is definitely doable and a really great way to leverage as many resources as possible! I always suggest applying for as many down payment programs and grants as possible and seeing which ones you can use together! Ready to see what programs you qualify for? Start here.