Down Payment Closing Cost Assistance

We offer down payment assistance programs to help our clients with limited cash for a down payment to be able to purchase a home.  Down payment assistance can be great for some borrowers.  If you are looking for a mortgage to purchase a home in Boise, Meridian, Eagle or anywhere in Idaho and use down payment assistance call one of the Goldwater Bank Idaho Loan Officers at 208-501-8851!

Down Payment Closing Cost Assistance

Buy this home with a Small Down Payment!

How does Down Payment Closing Cost Assistance work?

There are several different approaches we can take to provide some assistance to our clients with down payment closing cost assistance needs.  There are programs that will provide some gift funds to help with down payment or closing costs.  The client can also choose to do a 2nd mortgage for part of the down payment.  This can help free up other funds to pay for closing costs.  Most all programs will require some contribution from the client toward the down payment.  ½% to 1% of the purchase price is a normal range to except.  Some other things to think of is credit score.  Most programs will require credit scores above 640 to qualify for down payment closing cost assistance.  There are also options to combine the 2nd mortgage with closing costs assistance to help with closing costs for the client.  Each situation is different on what is available and how to structure a purchase loan with down payment closing cost assistance.  HUD explains some of how these programs works here.  Contact a member of the Goldwater Bank Idaho team to discuss your situation.

Grants as Down Payment Closing Cost Assistance

There are also grants for down payment and closing costs.  These are considered gifts and can be used for either a down payment or toward the closing costs.  The grant programs we have access to also allow for lower credit scores.  This can open options for borrowers that don’t have as much credit history but have consistent housing payment history and that want to see if they can get qualified to buy a home.  One benefit to a grant versus other options is the grant doesn’t need to be paid back by the borrower so they begin the loan the same way they would if they brought in the full down payment.

What should I do next?

If you don’t own a home and want to see if you can get prequalified to buy a home now is the time to get started.  You may not have a full down payment saved but you can start down the path to see if you can qualify for down payment closing cost assistance and with the assistance of one of our team members make a plan to move towards home ownership.  If you live in Boise, Meridian, Eagle or anywhere in Idaho and need to use down payment/closing costs assistance call one of the Goldwater Bank Idaho Loan Officers at 208-501-8851!