What is Down Payment Assistance?
Down Payment Assistance is, more often than not, a missed opportunity. A lot of homebuyers may not even know that they are eligible for down payment assistance. We live in a recovering economy, and putting together the needed funds for the down payment on a new home can be a daunting task. It may even be a major road block holding someone back from purchasing a home. For the average FHA loan, a down payment could be a minimum of 3.5% of the sales price. But, fear not! There are a myriad of State and Federal programs and grants to help clear this hurdle. In an article by RealtyTrac, they claim that the average down payment assistance program can save qualifying homebuyers more than $17,000 on average over the life of their loan. If someone offered you a way to get into your dream home, and also save you money over the life of your mortgage; wouldn’t you take them up on that offer?
Sapphire Program Through Gateway Mortgage
Earlier this fall, Gateway Mortgage brought the NHF Sapphire program to Oklahoma. It’s a Down Payment and Closing Cost Assistance grant that has the potential to shake things up in Oklahoma’s housing market. This program could be the leg up that many people need when purchasing a home. It offers between 3% – 4.5% toward your down payment or closing costs (depending on qualifications), and does not require the borrower to repay the grant. You read that right, it is forgiven on the first day!
Another critical point: this down payment assistance program is not limited to first time homebuyers! The Sapphire Program is available with VA, FHA and USDA loans and rates are very competitive. The income limit for Oklahoma County is $74,060. Whereas other assistance programs are limited to the “Household Income,” this program is specific to just the qualifying borrower. Therefore, even if the “Household Income” is greater than $74,060 – as long as the borrower’s income is within the limit, the grant still applies.
This grant is front-to-back amazing and it offers a much needed stepping stone on the road to home ownership. The Sapphire Program is exclusively offered by Gateway Mortgage. If you or anyone you know could benefit from this program; let us know! We work with an amazing lender at Gateway that can square away any questions you may have.