Many down payment programs and grants are only for first-time home buyers. Not this one! The ALLIANCE Down Payment Assistance Program offers up to 7% of your final mortgage cost at closing, meaning you could sign your closing documents with little to $0 due at closing!
How it works:
Once you’ve applied for a Home Loan online HERE or with one of our amazing lenders at the ALLIANCE Home Loan Center (2404 82nd Street), you can apply to qualify for the ALLIANCE Down Payment Assistance Program. If you are approved, you will be informed of the level of your assistance which will vary dependent on the total amount of your loan.
If you qualify, you will receive a second, “silent” loan to use towards closing costs. The repayment of this loan is forgiven by 1/84th for each full month that you reside in your new home. After the 7-year term, the subordinate lean is released. This means that once you’ve owned your home and paid your mortgage for 7 years, the down payment assistance you have received will be forgiven. If you were to move prior to living in the home for 7 years, you would be required to pay back a prorated portion of your assistance.
This program will allow you, as the borrower, to cover the cost of your down payment and closing costs without adding to the interest or the payments of your mortgage!
• No first-time homebuyer requirement; no need for tax returns
• No federal recapture tax provision
• Income limits based on qualifying income only, by county regardless of family size
• No need to calculate “household income” (except USDA loans)
• No need for a pre-close compliance review
Borrowers who meeting Affordable Income Subsidy (AIS) income limits may qualify for additional assistance in the form of a non-repayable grant. If you believe you may qualify for this additional assistance, discuss this option with one of the ALLIANCE Home Loan lenders for up to an additional $2500 in assistance.
If you’ve been dreaming of owning your first home or maybe you’re just looking for a change (but dread clearing out your savings account to get there) the ALLIANCE Down Payment Assistance Program is the solution you’ve been looking for. APPLY ONLINE TODAY or schedule an appointment with one of our knowledgeable lenders at 806.776.0991. For more information on what to consider before you buy, check out this article: Read Before You Buy!