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 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!”

 

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

 

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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.”

 

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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.

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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.

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~ 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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