Buying a home is the American Dream and one of the most exciting times in a person's life! However, for many first-time home buyers, one thing often stands in their way...a down payment. The long-lived myth that you need a 20% down payment to purchase a home is just that...a myth. There are several loan programs that require less than a 20% down payment: Conventional (5%), FHA (3.5%), USDA (0%) and VA (0%); however, home buyers can also get help through Down Payment Assistance programs!
Down Payment Assistance (DPA) programs are a great option to consider if you want to become a homeowner, but struggle coming up with your down payment. DPA programs are available through a variety of sources including federal, state, county and city agencies, as well as non-profit agencies. They provide a fixed amount of money to qualified buyers that can be used for a down payment, and even closing costs on a home purchase. The amount of money available to a home buyer depends on the agency administering the funds. Money provided through DPA programs are generally considered to be one of three things:
An interest-free loan
A debt you repay in the future
There is a misconception that DPA programs are only available to first-time home buyers. A little more than 60% of programs cater to first-time home buyers; however, there are programs available to repeat buyers as well. Although down payment assistance is available, not every home buyer will qualify for it. Each program has its own rules for determining a buyer's eligibility. Where a person lives and how much money they make will influence eligibility for some DPA programs. "There are geographical zones and income limits, depending on those zones and how many people are in the household," says mortgage expert and author, Elysia Stobbe. Other qualifying factors may also come into play. These include, but are not limited to:
Debt-to-Income ratio (DTI)
Completion of a homebuyer education course
Employment in a public service position
Still think you need a 20% down payment to purchase a home? Think again. Down Payment Assistance programs are readily available and designed to help those who want to purchase a home, but might otherwise be shut out of the market.
Absolutely LOVE my team! Everything was smooth sailing and Jae and Lindsey were on top of everything! Being on the customer side of things and out of the loan officer seat was definitely an experience and super easy!!
GREAT TEAM OVERALL HANDS DOWN
Jose G S
They were great and got moved really fast
Rebecca L B
Fast and straightforward with the process, very friendly, and 100% work for you to get you exactly what you want.
Nicolas L J
Jae was great to work with! Organized and prompt.
Jae was great! She was on top of it and was always there to help!
Kiepfer D D
Jae Robert best in town highly recommend her and this company.
Purchasing a home can be stressful but having Jae Robert
alongside of us really helped relieve some stress.
Mekeisha B P
Jae Roberts is a rock star !! She has been so great to work
with and did so much above and beyond for me .. She helped me find a realtor
that I would work well with and then made it all happen !! I consider her my
friend in the mortgage business and will recommend her to EVERYONE looking to
purchase property or a new home !!
Jimmy C H
Jae Robert and her team are like working with your best
friend! They definitely go the extra mile! The only lender I refer to my
As always, Jae was the best to work with!
Jae was an absolute pleasure to work with.
Thank you Jae for everything! She made the entire process
stress-free, smooth, fast, and easy. She updated me throughout the entire
process so that I was never in the dark. Thank you
Jae was great we received updates throughout the whole
process. Closing was smooth, fast, and easy! She made buying my first home
stress-free and awesome.
Rodney L K
I appreciate the communication throughout the process.
Jae was fabulous and very patient throughout the entire
Christopher M S
It was easy! The end day was stressful, but we made it
Hilaree A K
Helpful On time!
Donald R F
I loved how streamlined everything was for my mortgage - It was so smooth and painless! I was able to go into my closing with simple 10 minutes of in-person signing because everything was taken care of prior to the appointment. I will recommend this company to everyone who I learn is looking into buying. They have been amazing!
Ashlee D W
Great job!! Close a VA loan in 20 days!
Jae was amazing with the entire process. She not only kept my husband and I up to date on items and the process, but she kept our realtor up to date as well. She was amazing!!
Chalease C D
Great experience with Jae! She kept everyone up to date on every aspect of the transaction.
Very smooth process. Great communication from the team. I will refer others to you. Thank you for everything.
Rachael A W
From start to end, you guys made this an absolute painless process! I would recommend you company again and again!
Amanda N B
Great people to work with. I will definitely refer this office to my friends.
Great staff that took care of everything in a quick, efficient manner! Highly recommend!
Jae was the best! She made sure we closed on our house when we needed to, and she took good care of us.
Was so glad Jae was on our loan !!!!! She got the results I asked from her and that was amazing! So, appreciate all she did!
Jae was amazing. She helped us navigate the complicated process of buying a house from the beginning to closing. Would recommend to anyone that was looking to buy a house.
Jae is the best!!!
Jae, from my past experiences with other lenders you are definitely the best one I have ever used, and I definitely will come to you for any future loans. You are the best thank you again for helping our family get our Dream Home.
Jae was on it. The experience we had with the previous lender was horrible. The experience we had with Jae was swift, friendly, professional, and competent. I have zero complaints.
Thanks Jae and Shelly. I was stupid at times during the process, but you both coached me through resulting in a positive outcome.
Jae our agent was amazing we hit some pretty hard rough patches throughout our buying process, but she was persistent kept us well informed on the situations as they arose and ensured we got a decent rate and were able to close on the house we wanted.
Jae and her team has made this whole process so easy for us, as first time home buyers, we couldn't have done it without her help.
Every transaction I have had with Interlinc has been great!! Jae goes above and beyond to get the job done. She responds in a timely manner and the communication is great!!
I had a difficult time with this purchase, but Jae was great at talking to me whenever I needed some reassurance. She is awesome and kept telling me everything was going to be fine. At times, I doubted it but she was so right!
Jae has gone out of her way to help us. We are moving from out of state and she has answered every question and really made us feel comfortable with the whole process even thousands of miles away.
Melissa K M
Amazing experience. The entire process was super-fast and easy. Thanks again for everything.
I have always had excellent service from Jae and Interlinc. I will continue to refer buyers.
I loved working with Jae! She is a great problem solver.
Jae Robert is the best. This is my third mortgage with her, and I'll definitely return.
Amazing experience. Jae is the best! She answered all our questions as first time homebuyers and never made us feel less for asking questions. She made herself available and was excellent to work with.
Thanks for being on top of communication and for preemptively meeting your client's needs.
Very friendly and helpful. Great experience.
In this market, there is enough to worry about in the home buying process. However, with Jae and her team, I knew everything was taken care of us and we could handle other things during this quick process. I would highly recommend using them for any of your mortgage needs! She not only takes the time to explain each step but also makes you feel comfort in the process! 5-star quality service!
Jae Robert is singlehandedly the best mortgage expert I’ve had the pleasure of working with (and I’ve done the mortgage rodeo multiple times). As opposed to many others, who will tell you what you can’t do, Jae produces options for every situation. I’ve worked two deals with Jae and both were so much smoother than any other loan officer I’ve worked with. She is highly responsive and detail oriented. She is also a very strong advocate for her clients. She was a godsend when it came to getting appraisals. In tricky situations, she was forthright about my options and transparent about which ones were more likely to succeed. A key to a strong mortgage partner is execution, and Jae executes! At no point in either deal was Jae or my mortgage the long pole. I am so grateful my realtor introduced me to Jae and I strongly recommend her!
Jae was absolutely amazing!! We highly recommend her & her team. When someone is looking to buy, she is the very top of the list.