One of the most common questions that we get from first-time home buyers is if there are any down payment assistance programs or grants that would be applicable to help them in their purchase of a home….great question. I wanted to share with you today one of the best resources that I have found that shows you in your area and in your circumstance, which programs are available.

So let me hop into this. I’m gonna share my screen. What I’m taking you to right now is the this is Freddie Mac income eligibility map and really cool because there are a couple of affordability programs that Freddie Mac and Fannie May have. Freddie Mac’s version is called Home Possible. They also have a program called Home One.

And you can see if you fit for those loan programs income-wise through this tool here. Fannie Mae has their own website, but it’s like identical as far as the loan program goes, or nearly identical. We’ll show you, Freddie Mac today, so I’m gonna come in here. And by the way, I’ll put the link to this Freddie Mac website in the description and the comments so that you can access that.

But I’m gonna throw in my office zip code and what it’s giving me here, and you can zoom out a little bit. Let’s do that. That makes it easier to see. So let me turn on this highlight. All right, so the home’s possible income limit is $76,800. So if you and your household make less than that and we’re talking gross or before-tax dollars, you fit into the home possible loan, that’s awesome because you are going to get better rates than a normal conventional loan in that loan program.

All the links in this video here go through and explain why that loan program gives you a better race than a conventional one. A hundred percent median income. This is very important because if you are a first-time home buyer and you make more than $76,800, but less than $96,000, you can also take advantage of lower rates fitting into that category.

So really cool there. The Home one loan, which I briefly mentioned, and I’ll just say that it’s a great first-time home buyer loan, especially for those who make more money than these limits are here. It’s a great first-time home-buying loan. Excellent. And that’s only through Freddie Mac that you can do that.

But today we wanna focus on this down payment assistance link right here to see if this property qualifies for down payment assistance. So click on this. We’re going to go with a county, city, or neighborhood. So right here we have it. Oram, Utah selected. Okay. You get to choose a single-family, duplex, triplex or  fourplex.

By the way, if it’s a condo townhome or a home with a mother-in-law or an accessory unit apartment, that’s all single-family put in what your purchase price is. Then right here, how many people are in your household? Let’s put it in. Did you, do you currently own a home, let’s say? No. I have never owned a home.

The reason why they ask if it’s shorter than, or longer than three years if you’ve owned one before, is that if you have not had any home ownership in the last three years, you’re treated as a first-time home buyer, a total income for the household. Over 18-year-old people, we put in 70.  If you are Terry, you check the boxes here, American Indian, check the boxes, or if you’re in one of these cool profile professions here, education, law enforcement, firefighter, healthcare, check those.

And then are there any disabilities between you, Cobar, or the dependent? No. So then you click next. And in this scenario for us, it gave us 10 programs and you can see all of these. They will give you some details. Let me encourage you to still go to a normal loan officer to do these, because you still have to get a normal first mortgage, an FHA conventional loan, and then you use this Chino fund loan as part of your down payment assistance.

And you can see like right here, this one is repayable. And this one is forgivable, so there are details and qualifications and all these, but you still need a loan officer to help you through with all this. But this is a great list to be able to see what’s available in your city, county, and the state as far as a down payment assistance program.

Let me know if you have any questions. I think this is a great resource. We’ll be back next week with another mortgage tip for you.