Down Payment Assistance Programs or Bond Loans can be administered by a local or state housing authority directly through your lender. They provide a set amount of money to qualified home-buyers. Home-buyers can use the money to cover their down payment and/or closing costs.
When you purchase a home using a Down Payment Assistance or Bond loan, the bond loan acts as a second mortgage. Eligibility, requirements and other details regarding this loan vary by state, county, and program. If eligible, a bond loan is typically available on Conventional and FHA loans. Eligible borrowers may receive up to $15,000 in some counties of certain states. Borrowers who have not owned property in the past 3 years may be eligible.
For example, the most commonly known program in Michigan is MSHDA. Alex Kandah and his team at Bank of England Mortgage Troy are an experienced authorized MSHDA lender, but also provide alternative down payment assistance (DPA) programs for borrowers that may not qualify for MSHDA.
See if You Qualify for Down Payment Assistance/ Bond Loans
Bank of England Mortgage Troy offers DPA Mortgage loans in areas such as Warren, Roseville, Mt. Clemens, Sterling Heights, Royal Oak, Farmington Hills, Dearborn, Southfield, Pontiac as well as the entire state of Michigan and many other states on qualifying homes. For more information on Down Payment Assistance for Purchase Mortgage loans or how to get pre-qualified, contact us today at (248)633-8555 or complete an online application.