Mortgage Truth: How To Get Help With Your Down Payment
Buying a home is a major life milestone. While it’s an extremely exciting and fun time, it can also be filled with anxiety if you’re not sure what to expect when it comes to your down payment.
Being unsure of how much your down payment might be and how you’ll afford it is aggravating. At Sentry Bank, we’ll work with you to make sure you understand everything about your down payment, and find programs to assist you with getting the money you need. When you’re ready, drop by or call in for more assistance, but until them here is one of the ways Sentry Bank can help you handle your down payment.
Sentry Bank’s Down Payment Grant Program
For your mortgage, you may qualify for our down payment grant program! This grant can be used to purchase single-family homes, manufactured homes, condominiums and other qualifying residence types, though the home you purchase must be used as your primary residence. There are no restrictions on neighborhood or location, but your county can adjust the income restrictions on your qualification.
Our grant can be used for your down payment and closing costs or for rehabilitating a new residence, but it can’t be used to pay for moving costs or other bills.
If you qualify you may receive up to $7,500 in grant funds toward your down payment!
The major qualification for our grant program is based on income and household size. Other requirements are that you:
- qualify for mortgage financing through Sentry Bank;
- complete a homebuyer education class (if you’re a first-time homebuyer); and,
- have a signed purchase and sale agreement.
Eligibility regarding income and household size requires that you or your family earn no more than 80% of the area median income for the location of the home you’re buying. You can find median income information by county at the Department of Housing and Urban Development website.
If you were going to purchase a house in the city of Cold Spring in Stearns County, MN and you had a family of four, you would be eligible for our grant if you earned $57,100 or less in 2016.
For more information or to see if you qualify, contact the mortgage experts at Sentry Bank today!