#down-payment-assistance

#down-payment-assistance

MegPrime, an affiliate and subsidiary of Texas-based Megatel Homes, is set to launch its digital currency, the MP Token, designed as a rewards platform that renters and homeowners can tap into as a financial path to homeownership. As an inducement to participate in the rewards MP Token program, the program will offer up to $25,000 in down payment assistance and homebuyer assistance to renters who sign up.

First of all, we're working hard to use the word assistance less often. Saying assistance means that down payment programs are just a lifeline for people who can't afford to buy a home otherwise. These programs have, indeed, helped many otherwise eligible borrowers who lack funds for their down payment or cash to close to qualify. But in fact, down payment programs aren't only for cash-strapped, first-time or underserved buyers.

The Energy-Smart DPA program, available with Federal Housing Administration (FHA) financing, helps homebuyers fund energy-efficient upgrades while removing the hurdle of a down payment.

This time, however, UWM is increasing its contribution cap from up to $4,000 in its previous version of the program to a new maximum of $7,000.

"Most couples have already been living together by the time they get married, so they are less interested in registering for toasters and espresso machines, as they already have household items."