How Do Down Payment & Closing Cost Assistance Programs Work?

For many, the most difficult hurdle in the home buying journey is gathering the out-of-pocket funds required for a down payment and closing costs. Fortunately, there are down payment and closing cost assistance programs available through states, cities, counties, housing agencies, and even George Mason Mortgage that can help make this sometimes-formidable task feasible. 

Who Can Receive Down Payment Assistance?

While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always the case, as some programs may be used by previous homeowners or even towards refinancing your current home. There also may be programs available in your area for professions such as teachers, first responders, doctors and city employees.

How Do Down Payment And Closing Cost Assistance Programs Work?

The amount of assistance you receive will vary from program to program and could be a percentage of the home’s sale price or a set dollar amount. For most programs, the amount will first go towards your down payment, then towards closing costs, and in some cases, it could even go toward mortgage insurance.

What Are The Requirements?

This will vary from program to program. Most will typically, but not always, require that you:

  • Complete a homeownership counseling class, usually for first time homebuyers
  • Purchase in an approved area
  • Stay below agency conforming loan limits 
  • Meet household income requirements
  • Satisfy credit score and credit history requirements
What Programs Does George Mason Mortgage Offer Exclusively?

GMM currently offers two exclusive programs. Through our Welcome Home Grant and Journey Home Grant, we are able to combine a low down payment mortgage with down payment and closing cost assistance to help qualified homebuyers purchase a home, or in some cases refinance their current home.

To find out more information about our Journey Home Grant Program and Welcome Home Grant Program please visit: GMM Grants – George Mason Mortgage (gmmllc.com)

By speaking directly with a George Mason Mortgage loan officer, we will help guide you to the program that will work best for you.

This information is for educational purposes only.

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