Buying a home is a big purchase, and sometimes a little help goes a long way. Some individuals, couples, or families may not have funding necessary for the entire down payment when that perfect home comes along. For some, keeping out of pocket costs to a minimum could mean the difference between buying now and waiting several years to become homeowners.
That’s why eLEND is participating in a down payment assistance program specifically designed for those who make a difference in other peoples lives, as well as first time home buyers. Offered by a governmental entity, the eLEND Advantage Program allows our borrowers to receive down payment assistance with one set of guidelines, no matter where you are located.*
What is Down Payment Assistance?
Down payment assistance occurs when a portion of your down payment is funded through another source. Saving for a down payment is often one of the most significant barriers to home ownership meaning a DPA program like this one can be useful for borrowers seeking a more affordable lending solution.
Benefits of This Program
Help you purchase a home sooner
Many buyers remain on the sidelines, saving money and watching interest rates rise. DPA programs may provide grants (gifts) or forgivable loans for your down payment and closing costs. These resources can immediately build your buying power, helping you take action on a purchase more quickly.
Live closer to work
In some cases, community service employees have trouble affording homes in the areas they work. The eLEND Advantage Program allows these hometown heroes such as, police officers, firefighters and teachers the ability to purchase a home within the community where they work, especially in high-cost areas.