How much can I get for down payment assistance?Last modified December 18, 2021
Almost all down payment assistance programs loans will cover your down payment portion of the loan. Depending on the down payment loan product and your qualifications, you can recieve 3% up to 5% of the purchase price of the home either for the down payment or the Closing Costs. If the purchase price of the home is $300,000, the Lender will let you know which down payment assistance program you'll qualify to use. If the program allows for a 5% down payment assistance you would be allowed $15,000 at Closing. Either a grant or loan. If you qualify for 3.5%, you would qualify for $10,500. It will always depend on what Automated Underwriting findings determine what you qualify to receive. You will almost always be responsible for all or most of the Loan Closing Costs. There are programs that woul allow you to also borrow the Closing Costs with the down payment. The loan Closing Costs can range from approximately 2.5% to 4.5% depending on the loan type and the amount of the prurchase price. The higher the price of the house, you'll find the loan closing cost's PERCENTAGE is actually lower, even though the amount of actual loan Closing Cost money is greater for a $325,000 loan, than say a $200,000. Again, the percentage is higher for the $200,000 mortgage loan than a $325,000 loan but the $325,000 will cost more in actual money.