Down Payment and Closing Cost Assistance Programs - Making Homeownership Possible
At The Bank of Tescott, we understand that purchasing your first home or moving into a new one can be a daunting process. The costs involved especially the down payment and closing costs can often be a barrier for many potential homeowners. Fortunately, there are assistance programs available to make this process easier and more affordable. Our lenders are here to help guide you through the options, so you can start your homeownership journey with confidence.
Down Payment Assistance for First-Time Homebuyers – $15,000
If you're a first-time homebuyer, you're in luck! The First-Time Homebuyer Program offers up to $15,000 in down payment and closing cost assistance. This program is designed to help make your home purchase more attainable, with no minimum homebuyer contribution required.
This is a great opportunity for those looking to take that first step into homeownership, and our lenders are ready to assist you every step of the way. The funds available are offered on a first-come, first-serve basis, so it's important to act quickly and secure the assistance you need.
Homeownership Possibilities Expanded (HOPE) – $12,500 in Assistance
Our HOPE (Homeownership Possibilities Expanded) Program is another fantastic option, especially for those who may not be first-time homebuyers. This program offers $12,500 in down payment and closing cost assistance to help with your purchase.
The HOPE Program has broader eligibility, as it is not limited to first-time buyers, and it also includes income-based assistance. To qualify, your income must be at or below 150% of the Area Median Income for Saline County:
- 1-4 Person Household: $127,782
- 5+ Person Household: $168,750
Additionally, if your income is at or below 80% of the Area Median Income, you can qualify for even more assistance:
- 1-4 Person Household: $68,150
- 5+ Person Household: $90,000
This program is another great opportunity to make your dream of homeownership a reality. Like the First-Time Homebuyer program, there is no minimum homebuyer contribution required.
How the Programs Work
Both of these programs are forgivable grants, meaning you don't have to pay them back as long as you meet the retention requirements. These funds are available until March 3, 2025, so you have plenty of time to apply, but remember, funds are allocated on a first-come, first-serve basis.
In the event of refinancing or obtaining additional liens, the HOPE subsidy cannot be subordinated, so it’s important to keep that in mind.
Our Lenders Are Ready to Assist
Our team of experienced lenders is here to help you navigate these programs and understand the best options for your situation. If you are interested in any of these down payment and closing cost assistance programs, don’t hesitate to reach out to us. We'll guide you through the application process and answer any questions you may have.
At The Bank of Tescott, we’re committed to helping you make your homeownership dreams come true. Whether it’s your first home or your next, these assistance programs could provide the support you need to get started. Contact us today to learn more and take the first step toward owning your home!