OPENING THE DOOR TO HOMEOWNERSHIP
At Silverton Mortgage our commitment to giving back to our communities is important to us. We encourage you to ditch your rent payments and own your own home. That’s why we offer multiple Down Payment Assistance and flexible mortgage programs to accelerate your path to homeownership!
Our goal is to provide mortgage solutions for individuals who may not fit the traditional mortgage profile. No matter what type of homebuyer you are, Silverton will ensure that you are well-equipped for homeownership.
Our Commitment to Community
Local Expertise
So, you want to buy a home but not sure where to start? At Silverton Mortgage, we understand the path to homeownership can be as diverse as the people who see it. We look to bring a deep understanding of the unique needs and aspirations of our neighbors. Our local expertise allows us to provide tailored solutions and equip you with the knowledge and tools to help you become a successful homeowner. Get in touch with one of our mortgage specialists today. Silverton Mortgage. Your Homeownership Partner.
Affordable Financing
We believe everyone deserves the opportunity to own a home. Our Community Lending Program offers competitive interest rates and flexible terms, making homeownership more accessible without compromising on financial stability.
Empowering Dreams
Homeownership is more than a transaction; it’s a dream. We are committed to empowering individuals and families in our community to achieve their homeownership dreams through transparent, supportive, and personalized lending.
Key Features of Community Lending
Down Payment Assistance: Saving for a down payment can be challenging, but our down payment assistance program offers options to assist you in taking that crucial first step toward homeownership.
Credit Counseling: Worried about your credit score? We provide a wide range of credit counseling services to help you understand and improve your credit profile, so you’re well-prepared to secure a mortgage. Our Homeownership and Finance Center also offers financial education classes to support your financial wellness.
Educational Workshops: We empower you with knowledge through workshops on various homeownership topics, from navigating the mortgage process to home maintenance. Hosted at our Homeownership and Finance Center, these sessions equip you to make informed decisions. Click here to learn more.
Community Investment: We actively invest in the well-being of the communities we serve. Through The Silverton Foundation, we contribute a portion of each closed loan to provide essential mortgage and rent assistance to families with critically ill children, making a meaningful impact locally and nationwide.
Down Payment Assistance
Down Payment Assistance (DPA) is a form of financial aid that is available to help homebuyers cover the cost of a down payment so that they can afford homeownership. They are mostly reserved for first-time homebuyers but sometimes extend to other types of borrowers. Typically, this type of assistance can be sought through your local or state housing authority or via non-profits.
How much you’re able to receive depends on the type of program and your specific situation. Some will make the determination based on the price of the home you’re buying, while others will cap assistance at a certain dollar amount.
When you find a down payment assistance program that you feel may be right for you, it’s important to establish your eligibility. This is usually determined by your income and credit history. Oftentimes, you’ll also need to attend training on a subject usually related to maintaining your finances or the responsibilities that come with homeownership.
What Types of DPA Programs are available?
There are thousands of down payment assistance programs nationwide. They come in several different forms including grants, loans, and credits. Here’s a breakdown of how they differ:
- Grants – Money is given to the borrower that doesn’t have to be paid back under the condition that you own and live in your home for a specified amount of time. This will typically be secured by a lien on the property until the conditions are met.
- Second mortgage loans – This is the most common type of down payment assistance. Loans are offered at low or no interest rates to be paid back or forgiven over a certain period of time. This most likely will also be secured by a lien on the property.
- Tax credits – certain agencies throughout specific states issue mortgage credit certificates. These certificates can reduce the amount of federal income tax you pay, which may make it possible for the borrower to have more funds available for a down payment and other costs associated with the mortgage process. Keep in mind that this credit is not received until you file a tax return, so be sure to consult with a tax advisor for your specific situation.
If you don’t qualify for a Down Payment Assistance program through your local or state housing authority, there are also government-backed programs that require lower down payment amounts. Some of the most popular loan programs that offer low or no down payment options are:
- FHA – With an FHA loan, low-to-moderate income borrowers with a credit score on the lower end can still finance their home with a low down payment option. Insured by the Federal Housing Administration and issued by an FHA-approved lender, such as Silverton Mortgage, this program has helped many people become homeowners throughout the years.
- VA – This program is designed specifically to help service members, veterans, and eligible spouses become homeowners. What makes this loan different from many others is its option for no down payment and no monthly mortgage insurance. VA loans are provided by private lenders with the Department of Veterans Affairs guaranteeing a portion of the loan. This makes it possible for the lender to provide more favorable terms. Silverton Mortgage is proud to support our veterans by offering VA loans and waiving origination fees to those who qualify.
- USDA – This program is a zero-down-payment mortgage option for those who are looking to live in eligible rural areas of the country. If you’re unable to get approved for a conventional loan due to income or credit and would prefer tree lines over skylines, this may be the perfect avenue to homeownership.
How to apply for Down Payment Assistance?
If you’ve decided that Down Payment Assistance is right for you, there are several ways to get started with the application process. Start by researching for programs offered through your state’s housing finance agency. At Silverton Mortgage we offer several down payment assistance options. If you’d like to explore your options, contact one of our mortgage professionals today.