New Down Payment Assistance Mortgage Program in Green Bay, WI
Down payment is often an integral part of the home buying process. While there are some loan programs that have zero down payment loan terms, most mortgages require some sort of down payment. For young people this is often the most challenging part of purchasing the home you want – saving a large enough down payment for the purchase. While not always true typically most sellers will prefer offers with larger down payments as well since most people think the offer looks stronger when there is a larger down payment. To incentivize buyers and promote home ownership sometimes government entities or local programs will create down payment assistance programs to help furnish funds to buy a house. These down payment assistance programs typically have requirements that the buyers need to meet and the funds could come in the form of a grant or a loan. Sometimes these down payment assistance programs are limited to first time home buyers, but that isn’t always the case so it is a good idea to check with the organization to find out the precise requirements and terms of the program.
Green Bay Mortgage Down Payment Assistance Program
Neighborworks is a Green Bay based non-profit that has down payment assistance programs and they have a brand new down payment assistance program that targets employees. The new program is called Great Being Home and is a partnership with the city as well as the Greater Green Bay Chamber. The program was created to lure talented workers to the Green Bay area and the total funds allocated for this program are $250,000 from the American Rescue Plan. Neighborworks anticipates that the program will help at least 100 families purchase homes in the next three years. People that qualify for this particular program could potentially get up to $5,000 in grant money to be used for closing costs, down payment assistance or repairs. If the potential buyer qualifies for other Neighborworks down payment assistance programs they could get a maximum of up to $10,000 when purchasing a home. If you do not qualify for a particular program with Neighborworks there are a variety of other down payment assistant options, including the “Home loan” program, which can be used on single family AND multi family properties, the “LIFT” loan program, or the “NLF” loan program. It’s important to contact Executive Mortgage and go over these items if you are interested in down payment assistance, because income limits and other restrictions may apply.
Mortgage Experts and Experienced with Green Bay Organizations
Executive Mortgage is very experienced when it comes to Neighborworks programs and has worked with them throughout the years to help first time home buyers as well as established home buyers. This new program through Neighborworks will only make home ownership a more attractive option to first time home buyers and those who qualify for the funds. The Executive Mortgage loan officer team is ready to help you through the home buying process and answer any questions about qualifying for the down payment assistance programs that Green Bay organizations like Neighborworks offers. Not sure if you’re ready for home ownership? No worries, our loan officers want to help you make the best decision for yourself and are happy to answer any questions without pressuring you. Mortgage professionals like the ones at Executive Mortgage are there to help you make the right decision for your financial circumstances so don’t hesitate to schedule a free consultation today.