Everyone deserves the right to own a home. Get the most out of your money by taking advantage of state, county, and federally recognized programs that makes homeownership more affordable.
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Discover How Easy It Is To Buy A Home With Little Or No Money Down
Purchase a house with little to no down payment
Reduce your "out of pocket" closing costs commonly associated with home purchase transactions
Learn and implement a strategic plan to successfully negotiate seller help
Together, we make your dreams of homeownership become a reality
.. has been a credo of our organization since we were founded in 1999. For 25 years, our institution has successfully navigated consumers through the home-buying process, providing the education, resources, and lending support necessary for our valued clientele to make informed decisions. We understand that no two borrowers are alike - everyone has a different background and unique financial profile.
Our mission is simple - to eliminate the barrier to affordable housing. Through increased awareness of these downpayment assistance products, empowering community development through economical housing solutions, and the promotion of financial literacy through sustainable living, we are able to successfully carry out our vision. We look forward to the opportunity to work together, and make your dreams of homeownership become a reality.
Get a personalized assessment from a Home Loan Specialist tailored just for you.
DownPaymentAssistance.com makes the homebuying process easy.
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Articulate your vision. What are your homeownership goals? When do you want to achieve them? What does your "financial profile" look like? Less talking and more listening helps you accomplish your goals.
We don't believe in a "one-size fits all" approach. We work with you to find the best type of loan product, with the right loan terms, that will suit your needs.
Whether you are ready to officially begin the pre-approval process today, tomorrow, or in the near future, our team is right here by your side every step of the way.
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A complete guide on your home purchasing experience
Before deciding to buy a home, it’s a great idea to sit down and write out your monthly obligations which should include any loans or credit cards payments you have and other living expenses like, telephone, cable tv, gas and electric, child care, groceries, insurance and any other re-occurring expenses. Remember, once you purchase a home, most of these expenses will remain and several more will be added, such as: maintenance expense of the home
It’s important to note the average person pays 1 to 4% of the purchase price of the home in maintenance cost. That’s $2,000 on the low end per year or $167 per month for every $100,000 in home value.
Another consideration to ponder is your current standard of living. How often do you vacation each year and go out to eat each week. Ask yourself will buying a home impact your lifestyle. Are you willing to change your standards of living for the cost of home ownership?
Your next step is to talk to a Residential Mortgage Solutions expert who can guide you through this process. This typically starts with completing a
Mortgage Loan Application on line, over the phone or in person. A licensed Mortgage Loan Originator will take your loan application, pull your credit report and calculate Mortgage and Debt to income ratios based on the adjusted gross income amounts you have provided. Your income is typically determined by your last two years average adjusted gross income for one or more borrowers. Therefore it is a good idea to gather your last two years federal income taxes and supporting W2 schedule for all income earned during this time. Print a copy of our “First Time Homebuyer Checklist” to help with the document gathering process.
Selecting the right loan product for your financial situation is a critical decision in the home buying process. Our loan options tab provides you with a detailed overview of the many loan programs available. It is important to familiarize yourself with these loan programs to see which ones you qualify for and the best one for you. A great place to start is by looking at the down payment and credit score requirements associated with different types of loans. Your licensed Mortgage Loan Originator will help you with this decision after they have analyzed the financial information you have provided them during the “pre-qualification process”. Lastly, take a look at our “compare all loan options” tab to help guide you in this loan program selection process.
The pre-qualification process is now complete and you can begin looking for a home to purchase. You expert Mortgage Loan Originator should provide you with a “pre-approval letter which provides you with a price range and loan amount for which you’ve been pre-approved. A pre-approval means that it’s still subject to the findings of a formal underwriting review. It’s now time to take that next step and find an expert to help you locate a property that meets your personal requirements and pre-approval terms. You need a Realtor!
Why should I hire a real estate agent? The first reason to hire a real estate agent before shopping for a home is that most of the time its “free”. Other than maybe a small administrative fee at closing, the seller is responsible for compensating the buyer and seller’s real estate agents when the home is sold. Here are some other invaluable services offered when you have a real estate agent on your side. First, after you have decided on the type of property you are looking for, the agent will schedule appointments to tour homes that meet your criteria. This would eliminate any unqualified properties that don’t fit the bill; thereby, saving a lot of time and effort for all parties involved, especially yours. Next, your agent can professionally negotiate the offer once you found a home worthy of a contract. In addition, a good buyer’s agent will identify potential deferred maintenance items required to be corrected by the seller prior to close or perhaps even safety hazards that may keep the house from qualifying for the type of financing for which you’ve been prequalified for. A good agent will communicate with your Mortgage Loan Originator to ensure that they request seller concessions help toward your closing costs. This will help keep your out of pocket cost down to a level that you can afford. A buyer’s agent can also recommend other professionals to work with during the home buying process. They can refer you to reliable home inspectors, real estate attorneys and title companies, movers and more. They can also help expedite each step of the buying process by following up with the necessary parties to ensure you move toward the closing table that much faster. Lastly, and most importantly a buyer’s agent is bound to help buyers whereas the seller’s agent has a fiduciary duty to the seller. Think of it this way, if you were getting sued by someone, would you hire the same attorney as the plaintiff that filed suit against you….. of course you wouldn’t. You hire a real estate agent to help protect your interest and work for you, not the seller.
Now that you have located a property you love, it’s time to get serious and put in an offer. Remember you don’t have to put an offer in for the listing price of a home. Buying a home often requires a negotiation by all parties involved. Your realtor should have done a good bit of homework on this home to first see if it is priced correctly. It is very common for sellers to list a home up to 10% higher than the actual market value to allow for negotiating room. However this strategy may not apply if the property is a bank owned foreclosure or short sale. In this case, the home may be well underpriced in order to move the home quickly off of the bank’s balance sheet. This is where having a seasoned buyer’s agent becomes invaluable. Knowing who your seller is, will help you in your negotiating strategy and provide you with a better idea of where your first offer price will start. Be prepared to offer and then counter offer a few times before the terms of a contract are agreed to…. This is how the real estate game is played. There is an old saying that “pigs get fat and hogs get slaughtered”; so, remember in any negotiation both parties have to walk away with a fair deal. Don’t ask for more than what is reasonable or you may end up losing the home of your dreams by offending the seller
Downpaymentassistance.com has laid out some very important Do’s and Don’ts for ensuring a smooth mortgage process. Take some time and review these important items before you get the process started, because afterwards may be too late. The best advice we can offer you is to ask your Mortgage Loan Originator questions and listen to his or her answers. Following the advice in this list will ensure your mortgage loan process is without hassle and hopefully stress free.
The average company closes a purchase loan in 45-60 days, but at Residential Mortgage Solutions our average purchase loan closes in less than 30 days. Our secret to this great service lies in our experience in processing and underwriting. Our processors have more than 40 years of combined processing experience, while our underwriting department is equally experienced and most importantly, it’s located “in house”. All of our Mortgage Loan Originators have direct access to our underwriters, allowing them to ask questions and get answers on your file quickly. Depending on the loan type you are applying for, government or conventional, the underwriting conditions will vary. Just remember that the better your credit score, job history, down payment and debt to income ratio, the easier and faster your loan will be underwritten and approved.
Congratulations you’re almost at the finish line and the hard part is over. Your Mortgage Loan Originator should be in constant communication with you about the Loan Estimate and Closing Disclosure he or she is about to send you. Follow their instructions carefully when asked to open your email to review these documents otherwise there may be a delay in settlement. Most importantly print the Closing Disclosure and review for errors, required funds for closing or any discrepancies that you see. Discuss any issues with your Mortgage Loan Originator about any changes that need to be addressed.
You made an offer on a home, it was counter offered and you finally agreed on the terms of the contract, the only thing standing between you and your new home is going to settlement. Settlement day should be a good experience for everyone. As a buyer you should be excited about purchasing a new home, and the seller is equally excited about moving on. You should expect to take the day off of work to make sure this process goes smoothly and allow for any possible delays. The parties attending settlement include any real estate agent involved in the transaction (yes they always show up to collect their commission) you the buyer(s), the seller(s) which include anyone on the current Deed to the home and the closing agent or attorney who will review and notarize all of the loan papers for you. Unlike most mortgage lenders at Residential Mortgage Solutions many of the Mortgage Loan Originators attend the settlement to ensure a smooth process and to congratulate you for crossing the finish line to home ownership. It is important to be prepared on the day of closing. Make sure that all buyers bring a valid government issued ID (drivers license is acceptable) you should also bring your check book just in case there are some miscellaneous expenses that were unaccounted for on your closing disclosure. By now, you should have picked out a moving date and have the movers lined up for delivery. You’ve signed all of the loan papers and now have the keys to the home. We recommend that you immediately change the locks on all of the doors upon moving in. The keys are the final sign that the house is yours. Congratulations you have survived the mortgage process and you are officially a home owner!
Have questions? We got answers or give us a call for more information.
The availability of down payment programs is dynamic, influenced by a variety of factors at federal, state, county, municipal, and private levels. Understanding the landscape of down payment assistance involves considering diverse programs, each with its own characteristics.
Here's a more detailed breakdown:
To explore the diverse down payment programs available and find the ones that align with your needs, connect with us. Our team is dedicated to providing you with the most up-to-date information and assisting you in navigating the array of options to make your homeownership journey smoother. Contact us to begin the process of discovering and accessing the down payment assistance programs available to you.
To qualify for down payment grants, it's essential to understand that eligibility criteria may vary among different programs and participating lenders. Each program could have distinct requirements related to credit scores, income levels, and other factors. To ensure you have a comprehensive understanding of the qualifications, we recommend reviewing all relevant factors.
Here's a breakdown of the key considerations:
To get personalized information about how much down payment assistance you may qualify for, we encourage you to reach out to us. You can either give us a call or complete our secure online form. Our team is here to guide you through the qualification process and provide assistance tailored to your individual circumstances. Take the first step toward homeownership by discovering the down payment support available to you!
Absolutely! We understand that credit scores vary, and we are dedicated to assisting buyers with a range of credit profiles. Our commitment is to help you navigate the available options and address any challenges that may exist in your credit history.
Here's a more detailed explanation:
To explore how you can qualify for down payment grants with your specific credit situation, reach out to us today. We are committed to making homeownership a reality for you, regardless of your credit history. Feel free to contact us to start the journey toward securing the down payment support you deserve.
Estimated Closing Costs usually fall between 4% and 5% of the overall property purchase price. The specific expenses can vary, influenced by factors such as the property type, location, and mortgage terms.
Exploring the various closing costs associated with this grant is an essential aspect of your homebuying journey. Let's delve into some common closing costs, providing you with a detailed overview:
Understanding these common closing costs empowers you to navigate the financial aspects of your home purchase with clarity. If you have specific questions about any of these costs or would like more information, please don't hesitate to reach out. Our team is dedicated to providing you with the guidance you need for a smooth and informed home buying experience.
Several home buying grants and programs are available to support homebuyers to make homeownership more accessible. Some notable grant programs include:
Mortgage Program: A dedicated initiative aimed at supporting first-time homebuyers. This program extends assistance through a combination of low-interest loans and down payment support.
SmartBuy: This program extends valuable support by offering up to $40,000 in student debt relief to those who choose to invest in a home within 's designated SmartBuy communities.
HomeCredit: This program provides a valuable federal tax credit of up to $2,000 annually for the entire duration of their mortgage.
Community Development Block Grant (CDBG) Program: This initiative extends grants to eligible homebuyers, offering valuable support for covering down payment and closing costs.
Employer-Based Programs: Certain employers provide support for homebuying as a component of their benefits package for employees.
To check eligibility for these programs and obtain additional details about the application process visit the website of the Department of Housing and Community Development or reach out to a local housing counseling agency.
Discover How Easy It Is To Buy A Home With Little Or No Money Down.