Bill pay down program

Landed Partner Agents. Living with a Landed Partnership. Additionally, Landed down payment customers must meet these requirements: Eligibility Requirements You must be an employee of an eligible employer. It's okay if you are purchasing your home with a co-buyer who does not work at an eligible employer, such as a partner or family member.

Program Requirements You must qualify for a mortgage with one of Landed's participating lenders. This can include family gifts. They typically range from 5-year to year loans with varying payback provisions. The loan is amortized over a 15 year term, and the interest rate is the same as the first mortgage.

Some repayable programs have a partial balloon payment, where the remaining balance of the original second mortgage will come due at the end of the second mortgage term. With a silent second or deferred loan, payments are postponed until one of several events occurs—usually, when the borrower sells, refinances, rents or moves out of the original home purchased. However, there could be a coming in the mail after the buyer sells, refinances, rents or moves out of the home—a taxable event buyers need to be aware of and plan for.

The payments are deferred, but the loan will be due upon sale or transfer of the property, satisfaction of the first mortgage, refinance, or a change in occupancy. With a forgivable second, some or all of the original down payment assistance amount is forgiven.

Grant programs do not incur a lien on the property being purchased and have no associated note or deed.

The vast majority of down payment assistance is offered to first-time homebuyers. Many cities and counties have other housing programs available, but down payment assistance is typically reserved for those who have not owned a home in the last three years.

Many programs restrict owners of rental or investment properties from participating, so you will need to be a first-time homebuyer and the home should be your primary residence. If you are unsure if you qualify, contact the program before you apply. Down payment assistance is available for all kinds of mortgages. You can also apply for down payment assistance with conventional mortgages. Individual lenders are likely to have their own requirements and restrictions when it comes to how down payment assistance is accounted for and applied to your loan.

So, if you know you are planning to take advantage of a down payment assistance program, it is a good idea to talk to prospective lenders about how this will affect your mortgage. Most payment assistance programs are local, though there may be a few statewide ones too. Some of the places to check out for down payment assistance include:.

There is no shortage of down payment assistance options, but there is also no universal application that will go to all of them. Because of this, you will need to apply to each one individually. Depending on the program, you might call to see if you are eligible, complete the application online or in-person, and possibly take certain education courses.

Some programs require you to have a specific loan to qualify. For instance, you might need an FHA loan instead of a conventional loan. Aside from being a first-time homebuyer, eligibility is usually based on income.