Frequently Asked Questions

Basic Questions


Closed4U is your trusted source for down payment assistance . Home ownership is a dream for many Americans, but the high cost of down payments often gets in the way. We understand that life is full of surprises, and a single unfortunate event can wipe out the money you’d been saving for a down payment. That’s why we’re here to help reduce your down payment burden and get you into the home you’ve been dreaming of. Here is a little more information about us, what we do, and how we can help.

We discover down payment assistance programs available to American homebuyers and help you qualify for them. We do this by taking your information and finding out if you pass our eligibility requirements. Our requirements are virtually identical to those used by the down payment assistance programs.

ABOUT CLOSED4U

WHAT DO YOU DO?

We discover down payment assistance programs available to homebuyers and help you qualify for them. We do this by taking your information and finding out if you pass our eligibility requirements. Our requirements are virtually identical to those used by the down payment assistance programs.

WHO CAN USE YOUR PROGRAM?

Any adult homebuyer who meets our requirements is welcome to apply.

WHAT’S THE CATCH?

There is none! Our program has no hidden fees and no hidden costs.

GETTING QUALIFIED

WHAT IS THE MAXIMUM INCOME REQUIREMENT?

We work with homebuyers with any income. We have several providers with no programs with no income requirements.

WHAT IS THE MINIMUM CREDIT SCORE REQUIREMENT?

We require you to have a minimum credit score of 580. You will need a credit score of 580 or above to qualify for most assistance programs, though some programs, like FHA loans, will work with you if your credit score is at least 500.

DO I NEED TO BE EMPLOYED?

Yes. We recommend you have a verifiable two-year employment history with no significant gaps between jobs or to have just graduated from school. We accept W2 employees, be self-employed or an independent contractor.

WHAT IF I HAVE A NEW JOB?

You may still qualify. Speak with one of our down payment assistance specialists to learn how you can qualify.

WHAT IS A HOME-BUYERS EDUCATION PROGRAM?

Many programs require our participants to attend an online homebuyers education course. This course will give you important information about buying a home, budgeting, loan repayment, and other facets of the homebuying process.

HOW SOON CAN I GET PRE-APPROVAL?

If you provide your loan specialist with all the information we request, and that information is all accurate, you could receive an answer in 48 hours.

DO I HAVE TO ATTEND COUNSELING OR BUDGET PLANNING MEETINGS?

No. We do not require you to attend monthly meetings. Some programs may require you to do is take our online homebuyers education course.

WHAT IF I DON’T QUALIFY?

Not everyone qualifies on their first try. Don’t let this discourage you! Our specialists will tell you exactly what you need to do to get qualified. Sometimes it’s just a matter of building up more of a work history or waiting for a negative item to drop off of your credit report. We’ll stick with you and steer you in the right direction.

LOANS AND DOWN PAYMENT ASSISTANCE

WHAT IS AN FHA LOAN?

FHA loans are mortgages that are insured by the Federal Housing Administration. Homebuyers can pay as little as 3.5% down to purchase a home they intend to use as their primary residence.

WHAT ARE THE REQUIREMENTS TO GET AN FHA LOAN?

You must use the home as your primary residence, and it must be a 1-4 person dwelling. You need a credit score of 500or better(for 10% down) or 580+ (for 3.5% down). You must have a verifiable job history and proof of income. Finally, your debt-to-income ratio must be 43% or lower.

WHAT IS A DPA PROGRAM?

A DPA is a down payment assistance program. They are usually offered by the state or federal government for qualifying homebuyers.

CALL Closed4U NOW TO TALK TO A

DOWN PAYMENT ASSISTANCE EXPERT

Buying a home doesn’t have to be an unobtainable dream. At Closed4U, we are passionate about helping Americans find the financial assistance they need to become homeowners. There is no catch, and there is no fine print. We simply guide you through the process and gather all the information needed to help you qualify.


Don’t be discouraged by the high price of down payments. There is more than enough money out there to help you afford them; you just have to reach out and take it. Call us when you’re ready to take the first step. You could be in your new home within 30 days!


© 2024 Closed4U. All rights reserved. Closed4U loans are subject to state and federal laws and not all discounts may be available in all states. Cashback and discount amounts are estimates. Actual discounts and rebates received may vary based on sale price of the home, loan amount, occupation and/or military service.

A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Customers with questions regarding our loan officers and their licensing may visit the Nationwide Mortgage Licensing System & Directory for more information.

All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change without notice. All fees are subject to state and federal high cost thresholds.