DOWN PAYMENT ASSISTANCE



Did you know the average down payment assistance benefit is more than $8,000? That could be a significant jump-start to buying your first (or next!) home. And, who wouldn't want a boost to their down payment savings?

Homeownership programs can help you get into a house much more quickly and give you a valuable cash cushion for those other expenses, like the home inspection and home repairs. You could save to save on your down payment and closing costs or even get ongoing tax credits.



BUT, WHO QUALIFIES FOR DOWN PAYMENT ASSISTANCE?

First, it's essential to know that there are two components—both you and the home you are buying must meet specific criteria, which vary by program. Richmond Region Realty's program search tool allows you to answer a few simple questions to determine if you (and the home you want to buy) may meet the basic qualifications for a program.

WHAT ARE THE CRITERIA FOR THE BUYER?

Family finances matter. Household income thresholds, credit score minimums, and cash reserve requirements. Income thresholds based on the area median income—up to 120 percent in high-cost markets. Income limits are based on household size, so limits for a family of five are significantly higher than for a single person.

Most down payment assistance programs will require some money down from the home buyer, as well as homebuyer education, especially for first-time home buyers, to ensure your long-term homeownership success.

First-time homebuyer status. Many down payment assistance programs are designed for first-time home buyers. But, keep in mind that first-time homebuyers are defined as someone who has not owned a home in three years, so if you've been renting for the past four years, you're a first-time home buyer again!

But, not all programs are reserved for first-timers—about 37 percent of programs in Down Payment Assistance don't include that requirement.

Your profession may give you an edge. More than 14 percent of down payment assistance programs are designed for individuals providing a critical community service, including educators, protectors, health care workers, and veterans. Especially helpful in high-cost markets, the programs help workers live in the community they serve.



Must be your primary residence, and investors need not apply. Most housing agencies will require that the home is occupied as a primary residence to qualify. Down Payment Assistance programs are eligible for single-family homes, townhomes, and condos. Some multifamily properties are allowed if the buyer is also an owner occupant.

Home sales price. Down payment assistance programs' home sales price criteria are typically set based on a percentage of the area median home price. It means the home price limit can go from $250,000 to over 700,000 in specific high-cost markets.

Programs are available everywhere. Many home buyers mistakenly believe down payment assistance programs are available only in a very narrow area. Programs are available in every community across the country and often for homes at price ranges above the median sales price for a given area.

Different areas qualify for other programs. Down Payment Assistance allows for search by city, county, and neighborhood to help focus your opportunities.

Bottom line: The down payment assistance criteria can vary greatly, so investigate the options for your situation.

 

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I’M VERY HAPPY TO HAVE WORKED WITH RONNIE ON THIS SALE! “I really enjoyed the personal interactions with Ronnie. He felt more like a friend than “hired help.”

 

~ Scott M.

I FELT LIKE I RECEIVED MORE PERSONALIZED ATTENTION WITH RONNIE THAN WITH OTHER REALTORS I’VE DEALT WITH! “I’ve worked with several realtors in the last few years. I felt like I received more personalized attention with Ronnie than with other realtors I’ve dealt with. I also felt like he was more knowledgeable and took the time to sit down and explain every detail of the process with me.”

 

~ Jennifer G.

RICHMOND REGION REALTY WAS A TRUE PROFESSIONAL WHEN IT CAME TO SELLING MY HOME! “Ronnie and Reed are true professionals who made the entire process easy. Ronnie had proven to be a top-notch agent who listened to my needs and concerns in the past. Unrealistic demands of the buyer, but Ronnie handled those beautifully. The entire experience was nothing but professional and positive, and I would only recommend Ronnie, Reed, and the entire team to family and friends. I am a client for life.”

 

~ Karen H.

WE FELT COMFORTABLE THROUGHOUT THE HOME BUYING PROCESS! “Ronnie was always willing to spend time with us. Either showing houses or writing emails. Ronnie is very nice and personable and made us feel comfortable.”

 

~ Tom G.

THE DAILY MARKET REPORTS I RECEIVED FROM RICHMOND REGION REALTY HELPED ME KNOW WHAT WAS GOING ON WITH COMPARABLE PROPERTY WHILE MY HOME WAS ON THE MARKET! "I enjoyed the market update emails that I received throughout the selling process."

 

~ Samuel C.

IN TODAY'S WORLD, A REALTOR WITH FLEXIBILITY IS KEY TO THE PROCESS! "Ronnie's flexibility is what we liked the best."

 

~ Wesley H. & Derek F.

RONNIE MANAGED TO GET US OVER SEVERAL ROADBLOCKS TO A SUCCESSFUL CLOSING! “We hit some roadblocks along the way, and I felt like Ronnie really cared about figuring out the best outcome for us. Thanks again for a fantastic service!”

 

~ Victoria H.

I DON’T THINK WE WOULD BE HOMEOWNERS WITHOUT THE HELP OF RICHMOND REGION REALTY! “Our realtor did everything and more to accommodate us throughout the process, and that helped make things a lot less stressful for us. This was a great experience, and without the realtor we had, it wouldn’t have been nearly as enjoyable!”

 

~ Mitchel F.

IF BUYING A HOME, RONNIE IS THE REALTOR YOU WANT! "Very knowledgeable, kind, and appreciative overall."

 

~ Paul & Megan H.

RICHMOND REGION REALTY UNDERSTANDS THE REAL ESTATE INDUSTRY INSIDE AND OUT! "Fabulous service and excellent knowledge."

 

~ Andrea B.

LOSING SOMEONE IS NOT EASY, RONNIE MADE THE PROCESS OF SELLING MY FATHER’S HOME EASY! “Ronnie went above and beyond to help us during the sale of our father’s property after he passed. He even went with us to the tile store and helped us pick granite countertops and kitchen cabinets.”

 

~ Jeanne B.

I DON’T THINK I WILL EVER USE ANOTHER REALTOR! "Ronnie my realtor is the best."

 

~ Anonymous

IF YOU’RE LOOKING FOR A REALTOR WHO WILL “GET” THE JOB DONE, YOU NEED TO CALL RONNIE! "My realtor was very attentive to all of my needs as far as becoming a first-time homebuyer. Wonderful!!"

 

~ Stacey S.

FIRST TIME WORKING WITH A REALTOR TO SELL MY HOME. "Ronnie is understanding and very personable!"

 

~ Ruslana R.

SELLING MY HOME WAS SO EASY! "Ronnie keeps his communication open by phone or text, and I always know my questions and needs are addressed."

 

~ Anton P.

IT’S BEEN 10 YEARS SINCE WE PURCHASED A HOME. "We never felt pressured. Always felt Ronnie had our interests as the priority."

 

~ Laura H.

DESERVES THE REALTOR, PLATINUM STAR! “Mr. Burnham was very professional, knowledgeable, courteous, and accommodating during this entire process. His assessment and time investment in the data/analysis was very welcomed, and he assisted us immensely in the process. After working with us on a lengthy process, Mr. Burnham would deserve the Realtor, Platinum Star, if there were such a thing. We greatly appreciate his time, efforts, and patience in helping us to find a property that fit our goals.”

 

~ Robbie W.

EXCELLENT CUSTOMER SERVICE! “Excellent customer service; was on the ball about every issue or question I had. I would recommend Ronnie without reservation and will use again in the future.”

 

~ Andrew S.

RICHMOND REGION REALTY KNOWS HOW TO TAKE THE STRESS OUT OF THE HOME BUYING PROCESS! “Ronnie was wonderful to work with during the process of buying our first home. From the time we met until closing, he was readily available to answer my questions or calm my concerns. He was fun and friendly and took much of the stress out of the daunting process of purchasing a first home. I knew he had my best interests in mind the whole time. We love our new home and highly recommend him to anyone looking to buy!”

 

~ Shannon S.

WHEN IT IS TIME TO SELL THIS HOUSE, I WILL BE CALLING RONNIE AGAIN! “Ronnie worked with me for months to find the right house. He spent multiple Saturdays going from house to house and driving the neighborhoods with me. When we did not find a house I liked, he would widen the search to include more houses fitting my criteria. When I finally found the right house, Ronnie helped me find a loan officer and a contractor. I have lived in my house for a year and a half and love it! When it is time to sell this house, I will be calling Ronnie again.”

 

~ Sarah W.

THE RICHMOND REGION REALTY’S NETWORK IS ENDLESS! “Ronald was excellent and efficient in connecting me with another agent in the Miami area that was well informed in expediting the sale of my condo.”

 

~ Richard W.

THE SURPRISES WERE ESPECIALLY ENTERTAINING! “Ronnie did an excellent job showing us so many different options. Also, the surprises were especially entertaining, and it turned out one of your surprises was the choice we made! Again, thank you so much for your help!”

 

~ Vishaka S.

IT WAS A GREAT EXPERIENCE ALL AROUND! “I used Ron’s expertise when purchasing my first home. It was a GREAT experience all around! He was proactive in reaching out to me and always early to appointments. He walked me through the entire process and explained each step in an obvious and understandable way. He knew my needs and suggested homes that he thought I would like. Thanks to his urgency in finding homes that just came onto the market, I was able to find the perfect first home for my family. I would 100% recommend Ron Burnham to ANY person in the market to buy or sell a home.”

 

~ Mandy C.

TOP QUALITIES: PERSONABLE, EXPERT, ON TIME “Ronnie is very good at selling real estate and looks out for his customers! He is very prompt and goes out of his way to do the little things. He met us at our house on the coldest day of the year and didn’t seem to mind at all! I would recommend him to everyone looking to buy real estate!”

 

~ Dave R.

BEST REFERRAL WE’VE EVER RECEIVED! “We were first introduced to Ronnie Burnham in 2011 when we were passively beginning to look for our first home in Richmond. He was extremely patient and helpful as we worked through the pre-approval process and determining the location. Ronnie worked with us to understand exactly what we wanted in our home and when we found “the one,” helped us navigate through a competitive situation to get it. We would highly recommend Ronnie Burnham to first-time and veteran home buyers.”

 

~ Kristyn C.

THIS IS OUR FIRST HOME PURCHASE! “We needed a realtor who would work at our pace. During our search, Ronald showed us numerous properties matching our criteria; provided feedback, history, and other options. Calmly, patiently answered our questions, clarified the housing purchase process, and taught us a variety of topics. He is a determined, organized, fast-paced, and scheduled realtor. Returning phone calls, texts, and emails on time; he is friendly, attentive to customer needs, helpful, and knowledgeable. When I have a question about the property, the first person to call is Ronald; we still keep in touch. It’s been two months since we moved into our house. Thanks for your work, Ron!”

 

~ Anton P.

I HIGHLY RECOMMEND WORKING WITH RICHMOND REGION REALTY! “Ronnie’s attention to detail helped me purchase the perfect home.”

 

~ Sam C.

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