NEW Down Payment Assistance for First Time Home Buyers

NEW Down Payment Assistance for First Time Home Buyers - Nationwide & Forgivable!

Рет қаралды 40,030

Күн бұрын

Saving enough money for a down payment is one of the biggest obstacles first time home buyers face. Luckily, there is a new down payment assistance program available for home buyers that can help with the down payment needed to buy a house. In this video, Nicole shares the requirements, who qualifies, what you can buy, and how to apply for the Empowered Down Payment Assistance program.
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Chapters:
00:00 - Intro To Empowered DPA
00:22 - What Are The Perks?
02:41 - What Are The Requirements?
03:13 - Who Qualifies?
04:45 - What Can You Buy?
05:27 - How To Apply
- DISCLAIMER -
Nicole Nark is a licensed Realtor and the Principal Broker (PB00083374) of HomeWay Realty. HomeWay Realty is not a lender, does not issue loan qualifications, and does not extend credit of any kind. The topics discussed, and ideas presented are Nicole Nark's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

Пікірлер: 116

@Matthew-mb6oy 3 күн бұрын

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@Raymondjohn2 10 ай бұрын

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

@martingiavarini 10 ай бұрын

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

@hermanramos7092 10 ай бұрын

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

@bob.weaver72 10 ай бұрын

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

@hermanramos7092 10 ай бұрын

There are advisors in cities around you but I needed services of one who can guide me irrespective of location. Catherine Morrison Evans comes highly recommended especially in times like this. I am hedging and haven't lost much to the recession. I found her in 2020 when the market was at an all time low. Look her up and thank me later.

@TheRateUpdatewithDanFrio Жыл бұрын

LOVE IT. You are amazing Nicole.

@NicoleNark Жыл бұрын

Thanks for the support Dan! 😊

@MrSnrub-zh1xi Жыл бұрын

I was literally searching for down payment assistance programs on my computer when I got the notification just now this video was posted. Incredible coincidence.

@NicoleNark Жыл бұрын

Oh my goodness! I love that! 😅

@LeilaMaxwell-wx2xf Жыл бұрын

Nicole, do you work with buyers in Nebraska? If not, do you know who I could contact?

@stevothetruckster Жыл бұрын

Hello Nicole can you send me your website so I can summit a loan application.

@user-pl7gx5tw1l 8 ай бұрын

Thank you for sharing! This is the first forgivable grant I've now come across. Seems like my state really only offers DPA loans. :(

@maximus7618 Жыл бұрын

Very informative. Thank you.

@NicoleNark Жыл бұрын

Thanks for watching! Happy to provide the info 😊

@miketony8152 Жыл бұрын

Can this be combined with the CalHFA forgivable loan program?

@michellesantanagonzalez5546 10 ай бұрын

Can it be used for quadplex

@victorleon8252 11 ай бұрын

on a first time buyer program do you have to pay on the second mortgage once you pay off the first mortgage

@mariaurbano20 Жыл бұрын

What’s the name of the DPA program?

@workwithCandy Жыл бұрын

Hi Nicole. Your info is really good! I would like to buy multi family property. What options do you know of? I don’t have a great income but I have great credit.

@krissiebrown2600 Жыл бұрын

That’s great that you don’t have to pay it back. You receive 2% or 3.5% of your purchase price In assistance is definitely great. And you only have to meet one requirement to qualify.

@NicoleNark Жыл бұрын

It’s a great program!

@brownieinaction Жыл бұрын

Good information! I love your videos. Do you know a realtor in Milton Florida where I can contact to buy a house there?

@sergiomichel1152 Жыл бұрын

Name of this new program? When is it available?

@melissafrancis8337 Жыл бұрын

What's the link to down payment assistance?

@jenjam021327 10 ай бұрын

Does your company cover all states ?

@JerryCapone1 Жыл бұрын

Hi Nicole- you are a great resource and know your stuff. Im a MLO in Massachusetts- just getting back into the industry again soon. Do you offer affiliates in other states when questions or help come up from those states? You said you can contact some of your mortgage consultants in the video. I would like to be one of your mortgage affiliates in Massachusetts if at all possible. We can talk offline if at all possible. Thank u and i hope to hear from you. Jerry

@franklinwilliamson4972 Жыл бұрын

Are you licensed in TN?

@cassiopeia3602 Жыл бұрын

Thanks for this video! Assuming that is not available for multifamily house?

@NicoleNark Жыл бұрын

You can use this on up to a 2-unit property as long as you make it your primary residence! So if you wanted to buy a duplex and plan on living in one unit, that works!

@user-mw8vr1hp7y Жыл бұрын

Does this assistance happen to work with construction loans too?

@cesaranzures5714 Жыл бұрын

Thanks for the info! Would this mean we would have to pay PMI?

@NicoleNark Жыл бұрын

That is correct. Since this down payment assistance is used with an FHA loan, PMI would be on for the life of the loan until you refinance into something else.

@njmark70 Жыл бұрын

I have a question: is it possible for a person to get a federal first time home buyer down payment grant; and also get a state/County first time home buyer grant? Are there any rules preventing this?

@the1for588 9 ай бұрын

Can you rent the other side of the duplex with a usda fha??

@mariaurbano20 Жыл бұрын

What’s the name of this loan or downpayment Assistance program?

@taylormulcahy8497 5 ай бұрын

Interested

@krystal2klear451 Жыл бұрын

Do you offer assistance for those that want to purchase but don’t know where they are and would like to know where and how to begin the construction process on land to have a ranch on ?

@jimishaflorence4116 3 ай бұрын

What about usda loan

@kaylaclemmer9037 Жыл бұрын

Of course Im in Washington 😂 trying to move out of here and can't quit figure out where to start.

@kaitlananderson4302 7 күн бұрын

I talked to a lender today that specializes in fha and renovation loans and they do not allow combining with the empower down payment assistance program. How do I find a lender who will do this? My internet search hasn't yielded any leads.

@sugapop245 Жыл бұрын

Can you do a video on down payment grants for land loans?

@ranchgirl00 Жыл бұрын

yes im wondering the same!

@sugapop245 Жыл бұрын

@@ranchgirl00 not advice. But I was told by a mortgage specialist that buying land is treated as an investment so things like first time home buying grants don't qualify.

@diannsapien3138 Жыл бұрын

Love this!!! Can you help us? We’re in New Hampshire :)

@NicoleNark Жыл бұрын

Absolutely! Book your pre-approval call with the link in the description 😊

@geminitalkpodcast565 5 ай бұрын

Is this still available??

@aishashaw6693 Жыл бұрын

Great content! I have a question. Can you use more than one down payment assistance program to purchase a home?

@courtney9107 Жыл бұрын

Depending on the programs’ requirements/regulations, it is possible to stack DPA

@rafffer3951 Жыл бұрын

@janaybaker8734 Жыл бұрын

Can this be combined with the first time home buyer fha loan program?

@NicoleNark Жыл бұрын

Yes this is combined with an FHA loan!

@viet9irl Жыл бұрын

after reaching 20% equity, can i refi to a conventional? to drop the PMI

@cyndigreenwood3272 Жыл бұрын

Always.

@kayleedrawdy-main2687 Жыл бұрын

Question: My husband is the only one who has been working consistently for over 2 years and 2 years at his current job. I have been in school and just completed my program. If we apply and try for a USDA or FHA with just his income. 32,000 before taxes, then i start working somewhere after, does that affect the loan going through, or should i apply for a job first before the loan, but then we may not get qualified for usda?

@cyndigreenwood3272 Жыл бұрын

As long as you start work in the same job category as you were in school for the Time you were in school gets backlogged. Why wouldn't you qualify for USDA after 32k+? We qualify at 66k+.

@David-rj7hi Жыл бұрын

I dont see a phone number to call

@jaredcep Жыл бұрын

Do this also apply to first time home building?

@NicoleNark Жыл бұрын

It would not. If you are wanting to build you would need a construction loan. The closest you could get with this, is buy a completed new construction home.

@jaredcep Жыл бұрын

Looking to build my first home on my property that I purchased a couple years ago; I’m just not sure if now is a good time to do so with the current interest rates. Thanks for your quick response. 🙏🏼

@mrfunatparties6763 Жыл бұрын

Washington state Dont get it? Or Washington dc

@NicoleNark Жыл бұрын

The only place this can not be used is Washington State

@shelraysam6366 Жыл бұрын

I live in Oxford, Michigan. A single mother. Low income workers. How do I go from here?

@intuitionsbyniko7537 Жыл бұрын

Talk to lenders around your area. Have a list of questions and interview all of them to see what you can get pre-approved for. I’m in Lansing Michigan and doing this right now! Wishing the best for ya!

@lovejoy31 Жыл бұрын

For the requirements with a duplex, how long do you need to occupy the residence with the requirements of the loan? 1yr? 5yrs? More?

@NicoleNark Жыл бұрын

You need to occupy as your primary residence for 1 year!

@lovejoy31 Жыл бұрын

@@NicoleNark thank you! I'm interested in purchasing a home by the beginning of next year. Who can I speak with in your team? You give FANTASTIC information but I have a TON of questions!

@NicoleNark Жыл бұрын

@@lovejoy31 I appreciate that! My team is ready to help. 🙌🏻 When you are ready to get some of those questions answered, schedule a call time using the link in the description! You’ll be matched one with someone based on scheduling but then they will be YOUR person throughout the process! 😊

@lovejoy31 Жыл бұрын

@@NicoleNark Wonderful! I'll be contacting someone in MAY!

@racingvenny1151 Жыл бұрын

You've really slimed down... Great work!

@robyneagen8506 Жыл бұрын

So for other down payment assist programs my income level is too high , but with this one , if you are a nurse but your income is too high for others can you still qualify for this one ?

@NicoleNark Жыл бұрын

I think you would have a good shot for this one!

@edwardlittle27 Жыл бұрын

So no triplexes or quads?

@NicoleNark Жыл бұрын

Correct. Single family up to 2 unit max!

@edwardlittle27 Жыл бұрын

@@NicoleNark thanks!

@deborahgarvin8818 Жыл бұрын

Washington state or Washington DC won’t qualify?

@NicoleNark Жыл бұрын

Washington State! Thank you for asking 😊

@TheRateUpdatewithDanFrio Жыл бұрын

Washington STATE

@karinavaldez7930 8 ай бұрын

If me and my husband are going to be on the loan, is it possible for me just to apply for the down payment assistance since he don't qualify for it or only one person can be on the loan to qualify for this program?

@NicoleNark 8 ай бұрын

In most cases, you can apply either together or individually. However the loan & down payment assistance applications would need to match. Ex - if one person applies, than that one person is the only one on the loan and down payment assistance. If you apply together, you would both need to meet the requirements for the loan and assistance

@NicoleNark 8 ай бұрын

@taylormulcahy8497 5 ай бұрын

@@NicoleNarkI’d love to work with someone to see what we can do.

@moniquebaskett338 Жыл бұрын

You can refinance after 6 months, but won’t it cost additional funds to refinance? Refinancing can be costly. Especially in this economy.

@NicoleNark Жыл бұрын

A typical refinance can be costly, but with this program, you are eligible for a streamline refinance which is different. With the streamline refinance, there are less documents involved, no appraisal and it’s much cheaper!

@RuthFloyd-nf3ge Жыл бұрын

What a GREAT question. Big THANK YOU to you Nicole for answering. Just awesome content. I appreciate it.

@intuitionsbyniko7537 Жыл бұрын

@@RuthFloyd-nf3geyes!! I agree

@Josh-ii1eq 11 ай бұрын

Most lenders are waiving the fees for the refinance due to the high interest. Just got an offer accepted today and when rates drop (whenever that is) they will waive all fees.

@lovejoy31 Жыл бұрын

How long will the program go on for? Is it for a limited time?

@NicoleNark Жыл бұрын

There is not a limitation set as of right now

@Urlens Жыл бұрын

Washington state or DC?

@NicoleNark Жыл бұрын

Washington State! Good question 😊

@Urlens Жыл бұрын

@@NicoleNark too bad, any reason?

@Socko357 11 ай бұрын

Someone from WA: Never mind. 😢

@NicoleNark 11 ай бұрын

I wish it was different!

@imanzandi3065 6 ай бұрын

Hi , so our income as a family is 100% of median income in our area but we wanna buy our second home as a primary home and rent the first one , can we be qualifie for this program?!

@carasomebody6477 Жыл бұрын

What about a new build?

@NicoleNark Жыл бұрын

You can use this to purchase a new build from a builder once the home is complete!

@carasomebody6477 Жыл бұрын

@@NicoleNark so I couldn’t use this to have a home built, right? Maybe “new build” wasn’t the right term.

@NicoleNark Жыл бұрын

Correct! This isn't a loan that could be used for construction. If you want to hire a builder and have a custom home built you would need to look into other options! Hope that helps 😊

@carasomebody6477 Жыл бұрын

@@NicoleNark yes! Thank you. So grateful for how clear and positive you are.

@NicoleNark Жыл бұрын

@@carasomebody6477 you are so sweet! I appreciate you being here 💕

@JackMeyHoffer562 Жыл бұрын

This video is a commercial. It only talks about one dpa program she's pushing as opposed to a variety of programs. She didn't even talk about what the catch is, is it forgivable, etc.

@NicoleNark Жыл бұрын

Hi Rick! You are right, this video does only discuss one specific down payment assistance program. That is why it is titled, "New Down Payment Assistance (singular) for First Time Home Buyers." If you are looking for a video on a variety of programs, I suggest checking out my video, "7 First Time Home Buyer Grants For 2023" or the playlist I have covering Down Payment Assistance Programs! At approximately the 0:07s mark, I state that this assistance does not have to be paid back. If you made it to 1:29, you would hear me talk about the "catch" as you refer to it which is a higher interest rate. To which I also mention that this program would allow you to streamline refinance in 6 months! I hope that clears up any confusion! Have a great day 😊

@mariaurbano20 Жыл бұрын

Hi Nicole. What’s the name of this new DPA?

@almapinon4299 Жыл бұрын

Hi! Nicole what is your phone # i’m interested to buy a home

@thebeatsmith6594 8 ай бұрын

I don't think this program is still viable.

@maximus7618 Жыл бұрын

There is no such thing as a free lunch.

@TheRateUpdatewithDanFrio Жыл бұрын

what happens is you get a higher rate to compensate for the money. However, after you make 6 payments you can refinance using the FHA streamline program.