|
A
Home For Every Family
There are a number
of different programs available for first-time homebuyers. Many
people start the home buying process with one of these programs,
or with a community organization. Below is a list of GreatStart
Bank’s partner programs.
Individual
Development Account Program
Our Individual Development Account program, or
IDA, partners you with participating organizations that match your
savings contributions to help you save for a down payment or closing
costs. For example, our Community Investment IDA program will match
$3 to your every $1 of savings, with a maximum of $5,000 towards
a down payment or closing costs for your first home. In order to
participate, you must attend home ownership counseling and set up
a savings account at GreatStart Bank. You must also complete our
financial education classes.
Homeowner
Education Program
Our Homeowner Education program helps people understand
the process of buying a home. It offers information on topics like
budgeting, finding a home, getting a loan, and maintaining a home.
The Federal Housing Authority (FHA) also has a program you can participate
in called the Homeowner Education Learning Program, or HELP. If
you plan to get an IDA, you must complete one of these programs.
Government
Loan Program
Our loan officers can also identify a government loan
program to help you, if you are eligible. Government loan programs
are usually targeted to individuals and families with a modest income.
These programs might have purchase price limitations, service charges,
and higher loan origination fees. They also have one or more of
the following characteristics:
- Zero or low
down payment requirements. For example, some require a 3% down
payment, and some require 5%, with 3% having to come from the
borrower and 2% coming from other gifts or other grants.
- More flexible
underwriting standards. This means the lender will consider non-traditional
forms of proof of credit history, such as rent or utility payments,
and higher ratios of debt compared to your income.
- Longer payment
terms than standard mortgage loans. This results in a lower monthly
payment.
|
