We Have a Large Variety of Programs to Cover a Portion of Your Down Payment Needs

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Down Payment Assistance Programs (DPA)

So you’ve found your dream home and your lender has approved you for a mortgage. But there’s one catch – you’re short of the cash you need for a down payment.

If you’re not familiar with a down payment assistance programs and are unsure of how they can help you secure financing, you’re not alone. 70% of U.S. adults are unaware of down payment assistance programs in their community according to a recent survey from NeighborWorks America.

On Q Financial has a large variety of programs that could help cover some or all a portion of your required down payment on your next home. Best of all, some down payment assistance programs are in the form of are grant programs that don’t need to be repaid!

There are hundreds of millions of dollars available for down payment assistance right where you live. Many government agencies at the state, county, and city level provide financial assistance for people in their communities who are well qualified and ready for homeownership.

Homebuyers with little money for a down payment are also finding more home loans available with a low down payment or in some circumstances, no down payment.

Down Payment Assistance Programs We Offer Nationwide
Down Payment Assistance products offered nationwide (excluding Washington, Ohio, Hawaii, New York, and New Jersey) include: CHENOA Fund Programand the “Within Reach” Program. To see which program may be right for you, get started on your application today !

CHENOA Fund Program
The CHENOA Fund Program is available! Features of this program include:

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Down payment assistance up to 3.5% of the purchase price or appraised value

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30-year fixed term with full amortization on the first mortgage

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FHA loan types available

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Homebuyer education course NOT required

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Credit and income restrictions may apply

Within Reach Program
The Within Reach Programis available! Features of this program include:

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Down payment assistance up to 4% of the note amount

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30-year fixed term with full amortization on the first mortgage

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FHA loan types available

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Homebuyer education course NOT required

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Credit and income restrictions may apply

Interested in seeing what down payment assistance programs are available in your state?

Find Your State’s Down Payment Assistance Programs

Some program restrictions and requirements apply. The type of DPA and lien position will vary for each loan program. Please contact your On Q Financial, Inc. Mortgage Consultant for more information.

In addition to almost every city and state having a State/City sponsored down payment assistance program, there are also specialized home loans program available that offers minimized or no down payment like:

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FHA Home Loans

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Home Loans Backed by Fannie Mae or Freddie Mac (government sponsored loans)

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And many more

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USDA Home Loans

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Energy-Efficient Mortgages

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VA Home Loans

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Section 203(k) Rehabilitation Loans

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.

Get in touch to see what program might be the best fit for you

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