Eligibility For Down Payment Assistance
1. A Minimum Credit Score Of 620
To qualify for down payment assistance programs, you generally need a credit score of at least 620.
2. An Income Limit
Your income level must meet the program's criteria.
3. Debt-To-Income Ratio (DTI)
Your debt-to-income ratio (DTI) may also be considered by many programs.
4. Home Located In A Specific Area Or County
Depending on the program, you may have to meet other requirements. For example, the home may need to be located in a certain area or county.
5. A First-Time Home Buyer
You must be a first-time home buyer.
6. A Course On Home Buying And Finances
You may need to take a course on home buying and finances.
7. Live In The Home For A Certain Period Of Time
You must remain in the home for a certain period of time (usually 3-10 years).