The Federal Housing Administration (FHA) offers First time home buyer down payment assistance to the people of United States. People from all over the country can apply for these grants to purchase new house. There are certain process to follow to get these loans and people meet all the eligibility criteria given from government portal to get these grants. The FHA and USDA offer these grants in many states like California, Virginia, Maryland, and Pennsylvania and other states.
You can apply for these First time home buyer down payment assistance program to get these grants. This will help you to purchase new house to your family. You should not have any other house for past 3 years to approve for this loan. If your application doesn’t meet the requirements of government grants then those applications are rejected. Hence make sure before applying for housing loans. Your application should combine with all the required documents that are needed to grant the loan. You can also consult the different government portals to know about the grant loan applications.
Things you need to know about First time home buyer down payment assistance:
The First time home buyer down payment assistance is given to the people with certain requirements. Here are some of them you need to know.
- You need to make primary residence as your new house. This should not be sold or given to someone else. This condition is taken as very serious with government officials. Their main intention is to provide new houses to needy people. Some people are selling their new houses taken by using home loans. These persons application will be rejected and never be taken back. Hence make sure you should not sell the new house and you need to make it as your primary residence.
- The person who is going to get the home loan should not have any property on his name in the previous 3 years. If he/she is married then their spouse also should not contain any property in past 3 years. The applications which have these requirements will only grant for housing loans. If you have any house on your name then sell it and wait for 3 years to get housing loan. The fake of wrong applications will be rejected from the server permanently. Hence you need to be very careful while applying First time home buyer down payment assistance.
- Another major requirement is credit score of the applicant. The government officials must and check the credit score of grantee. It should be more than 680 to approve for home loans. The credit score below 680 are rejected form their server. Hence you need to maintain proper credit score to approve you application. This credit score will ensure them to repayment of interest rates. The First time home buyer down payment assistance is provided to the people who maintain credit score of more than 680. Hence these are the things you need to know about First time home buyer down payment assistance.