Down Payment Assistance and Affordable Housing ( What You Want To Know Wednesdays )

There are many state, county and city government agencies (and some non-profits) who design affordable housing programs for low-to-moderate income residents in their communities. The purpose is usually to help cover the down payment and/or closing costs of the home purchase in some sort of fashion. These programs are used in conjunction with a standard FHA, VA or Conventional first mortgage product.

One of the largest misconceptions about purchasing a house is that you need at least a 20% down payment to purchase a house. There is a growing number of options for people who want to buy a home without a down payment.  Mountain West Financial is a leader in affordable housing solutions, and is approved with over 125 different programs from down payment assistance grants to interest-free second mortgages and other special mortgage programs. We also have a Down Payment Assistance search tool. You can enter a property address and estimated sales price to access a list of available assistance programs, if the property is eligible. Assistance programs are very underutilized; we want to educate you so you know your options!

  • Mountain West Financial is approved with over 125 different Down Payment Assistance Programs.
  • Deferred payment silent seconds, tax deductions, and grants are all different forms that Down Payment Assistance can be found in
  • Programs can be used for down payment, closing cost assistance and more
  • Not limited to first-time homebuyers
  • Options available for FHA, VA, Conventional, and USDA Home Loans
  • Specialty programs available for teachers, firefighters, police officers, Veterans and more
  • Down Payment Assistance programs available in Arizona, California, Colorado, Nevada, Oregon, Utah, and Washington
  • Grant programs can provide payment with no lien recorded or repayment required
  • Mortgage Credit Certificate (MCC) programs can allow a first time homebuyer to take advantage of special federal income tax credits.
  • Employer Assisted Housing (EAH)

To learn more, please visit: http://homeowners.mwfinc.com/dpa/


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.