Finding the Right Homebuyer Assistance Program

Quaint Oak Mortgage is an approved lender for some of the programs that are being offered on this webpage. All homebuyer assistance and grant programs are subject to the recipient obtaining a qualifying first mortgage loan from a participating lender. Not all applicants will qualify. All home lending products are subject to credit score, LTV (loan to value), DTI (debt to income) requirements and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or counties and the amount may vary depending on geographical location. Other restrictions and limitations apply depending on the Grant or Homebuyer Assistance program available. Quaint Oak Mortgage is not an approved lender for every program. Please note that some programs listed on this website may involve a second mortgage with monthly payments. In some cases these payments can be forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. Grants and Down payment assistance amount may be due upon sale, refinance, transfer, repayment of the loan, if the property is rented or not occupied by the recipient or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest and borrowers should become fully informed prior to closing. Some Down Payment assistance and Grant programs may only be applied once to an eligible mortgage/property, regardless of the number of applicants. Approved applicants may not always receive the maximum allowable amount offered through the program. Some grant programs have limited funding for the year and will close for the year once the funding threshold has been met. Please refer to the program guidelines for additional details. Financing is based on the lower of the appraisal value or contract purchase price. Maximum income and Max loan amount limits may apply. For some grant programs where income limitations apply the borrower cannot be a student working less than 30 hours per week. Borrowers cannot receive program funds as cash back in excess of earnest money deposits and or closing costs. Down Payment Grant programs may be considered taxable income, a 1099-MISC may be issued, consult with your tax Advisor for further details. Homebuyer education classes may be required to participate in the homebuyer assistance and grant programs. Homebuyer assistance programs and Grant programs are not available with all mortgage loan products being offered or advertised, please ask for details when applying. Some homebuyer assistance programs are offered with FHA loan products- FHA loans require an up-front mortgage insurance premium (UFMIP) which may be financed, or paid at closing and monthly MI premiums will also apply. For down payments less than 20% on conventional loans, Private Mortgage Insurance (PMI) may be required and PMI charges may apply. Many down payment assistance programs are only available to first time homebuyers.