Down Payment Assistance Loans

Norwich, CT Down Payment Assistance Loans


 

Many home buyers, especially first-time home buyers, say that coming up with their down payment and money for closing costs is the greatest obstacle to buying a house in Norwich, CT. The good news is there are options available for borrowers who have trouble coming up with a down payment. From local programs with down payment grants to silent second loans and government programs, you can find help that will enable you to qualify for a mortgage.

In many cases, Norwich, CT borrowers who earn up to 120% of the median income for their area can qualify for down payment assistance. The following are a few popular programs to consider. Your loan specialist can help you learn more about specific programs in your area.

Norwich, CT USDA Rural Loans

Many counties in the state qualify for USDA rural mortgages. USDA home loans are popular for many reasons, most notably the fact that these loans allow 100% financing with no down payment. USDA loans are also easy to qualify for with no private mortgage insurance and lower credit requirements. However, you will need to meet income guidelines for this type of loan.

Norwich, CT Down Payment Assistance Program

Federal Home Loan Bank Program in Norwich, CT

First-time home buyers can qualify for down payment assistance from the Federal Home Loan Bank. This institution, which is owned by several large financial institutions, offers two programs: the Individual Development and Empowerment Account (IDEA) program and the Workforce Initiative Subsidy for Homeownership (WISH) program. Both programs will match $3 to every $1 you save toward your down payment, to a limit.

American Dream Downpayment Assistance Act

This program offers down payment grants in to low- and middle-income households and uniformed employees like teachers, maintenance workers, police officers and firefighters. Grants available can be used as a down payment for a single family home in Norwich, CT.

Down Payment Assistance in Norwich, CT

Call to Learn More About Down Payment Assistance Loans!