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Established Member
Photochick
Posts: 14
Registered: ‎06-08-2014
0

Builder's Lender and Down Payment Assistance

Hi all!!
I have been reading/lurking for a couple of months and now am about to begin this process. Pray for me! Lol
Looking to purchase a new build townhome and when I asked the builder's lender about the state's Mortgage Assistance program, he told me they don't work with them.
Question: If I go with the builder's lender, am I able to apply for downpayment assistance separately? Or does it all have to be done together with a new lender that works with the state's program?
Super Contributor
ShanetheMortgageMan
Posts: 8,174
Registered: ‎09-28-2007
0

Re: Builder's Lender and Down Payment Assistance

The state program will have a list of approved lenders, and normally you'd have to select one of those approved lenders.  The reason being is they are specifically trained on the down payment assistance program.

Established Member
Photochick
Posts: 14
Registered: ‎06-08-2014
0

Re: Builder's Lender and Down Payment Assistance

Ok thanks for that information Shane!
Valued Contributor
ezdriver
Posts: 1,672
Registered: ‎08-24-2013
0

Re: Builder's Lender and Down Payment Assistance

I work for a national home builder. When our preferred mortgage partner cannot help a buyer client with the application process for downpayment assistance programs, we allow the buyer prospects to use their own source and still collect the closing cost assistance that we offer. Occasionally, good assistance can be had from real estate agents who have closed transactions involving down payment assistance programs.



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