Residential Mortgage Assistance

If you find it difficult to meet the strict guidelines to qualify for a conventional mortgage, remember that there are many alternatives and programs to assist you in purchasing a space. These special programs offer advantages to eligible buyers, such as lower down payments, lower closing costs, higher income-to-debt ratios and more.

Some of these programs may have income requirements and limits on the purchase price or loan amount. Others require you to participate in home buying workshops, credit counseling or other program-specific requirements. Some programs will finance multi-family and mixed-use buildings, while others may apply to certain areas of the city. In addition to government programs, many community groups and nonprofit organizations also offer financing assistance.

If you are serious about owning your own space, then looking into assistance programs will give you more choices and greater flexibility. It pays to do your homework and thoroughly understand your options. You might be able to combine some programs with an approved down payment assistance program (explained in detail in the next section). Depending on your needs and your desired use of the space, other resources can assist you with rehabbing or developing a space. Also, check out the resources in Chapter 22: Rehabbing Your Space and Chapter 27: Developing a Facility.