Down Payment Assistance Webinar
- Needs to be owner occupied.
- Down payment assistance will come in form of either a 2nd mortgage or a grant, depending on the program.
- Some programs will also lend closing costs.
- All programs have a higher interest rate (banks and lenders do nothing for free, lol).
- You can refinance (FHA Streamline) into a much lower interest rate in 12 months, and if a grant, you don’t have to pay it back.
I want to reiterate the last bullet point. If you can get approved and make the higher interest rate payment for 12 months, you can refinance out of the DPA and get a much lower interest rate (market rate). This is the beauty of DPA (down payment assistance) programs. They are only temporary, if done correctly.
But like I said, there are pros and cons to this strategy. I made this webinar so you can get to know the programs and make an informed decision. Cheers!