I have owned a home before, do I qualify for any of these programs?
Yes, many of the available programs do NOT require you to be a first time homebuyer; however, if you are combining a Mortgage Credit Certificate (MCC), then you can’t have owned a home in the most recent 3 years.
The income limit showing for my county is $80,000. I make $60,000 and my spouse makes $30,000. Does that mean we can’t use the program?
Not necessarily, if your $60,000 is adequate to qualify for the loan requested, then you will be the only one on the loan and you can get the down payment assistance.
I thought 20% down was the required down payment, and these programs are only for 3 to 5%, how do I come up with the rest?
20% down is NOT a requirement… Many programs only require 3% down, so if you choose a program with a 5% assistance, that covers the down payment as well as many of the closing costs and pre-paids.