If the cost of buying a home is getting in the way of your dreams of owning one, NuMark might have a solution for you through the *Downpayment Plus Program®! Susan Pfiefer, NuMark mortgage expert, has some great information about the program and how it can help you on your journey to homeownership.
Q: What is the Downpayment Plus® (DPP) and why does NuMark offer it?
A: NuMark partners with the Federal Home Loan Bank of Chicago to offer financial assistance to prospective homebuyers. The program provides up to $10,000 to be used for their downpayment and/or closing costs. Thanks to the DPP, we’ve had multiple buyers over the years who only needed to pay their inspection costs and the $1,000 contribution towards the purchase that the program requires.
Q: Do you see a lot of people taking advantage of the program?
A: Yes, we have people using it just about every month and have seen an increase in those numbers. I think that is mostly due to awareness and changes to the program itself. More of our Realter and other referral partners have learned it is available, and they are sharing that information with their prospective clients as well.
Additionally, many of our past members that were able to take advantage of the DPP for their own home purchases share that information with their family and friends. The income limits have also increased quite ab it since we first introduced the program, which has allowed more people to qualify. I think that we’re likely to continue seeing an increase in the number of homebuyers utilizing the DPP.
Q: How can someone qualify, and is it difficult?
A: One obstacle we see is that there’s a misconception that it’s only for first-time homebuyers, but the DPP can be used for anyone on the search for a new home. Another common obstacle is the income limit. To qualify, the family or individual must earn no more than 80% of the area’s median income and contribute at least $1,000 of their own funds to the transaction. If you’re curious about the DPP, feel free to contact me or one of the other NuMark loan officers to discuss the specifics and see if you could qualify.
Q: What stories have stood out to you from people who have taken advantage of the Downpayment Plus Program® (DPP)?
A: We’ve helped so many achieve homeownership with DPP, it’s hard to pick just one. I think when people have been turned down at other lenders and we can not only assist them with the mortgage but also help them get into the property with as little funds out-of-pocket as possible, it becomes so memorable for everyone involved in the purchase. my favorite part is giving them the big $10,000 “check” from the DPP at closing and taking the photos to celebrate. I see lots of smiles and some happy tears and that is the best part!
If you are interested in learning more about the Downpayment Plus Program® and want to start your journey to homeownership, click here!
**Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.
**Equal Housing Opportunity Lender. NMLS# 405831.
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