Down Payment Assistance programs provide grants, forgivable loans, or low-interest seconds to help cover your down payment and closing costs. Hundreds of programs exist nationwide—we'll help you find the right one for your situation.
Generally, someone who hasn't owned a home in the past 3 years. Many programs also include displaced homemakers, single parents who owned only with a spouse, and buyers purchasing in targeted areas—even if they've owned before.
It depends on the program. Grants never need to be repaid. Forgivable loans are forgiven after 3-5 years of homeownership. Deferred loans are repaid when you sell, refinance, or move. Repayable loans have monthly payments.
Most programs limit income to 80-120% of Area Median Income (AMI). For example, if AMI is $80,000, limits might be $64,000-$96,000 depending on the program. Limits vary by household size and location.
Most DPA programs work with FHA, conventional, and sometimes VA or USDA loans. Each program specifies which loan types are eligible. We'll match you with programs compatible with your best loan option.
Homebuyer education courses teach the buying process, budgeting, and homeownership responsibilities. Most take 4-8 hours and cost $0-75. They're required by most DPA programs and actually provide valuable information for first-time buyers.
Programs typically offer 3-5% of the purchase price, with some providing up to $10,000-$25,000 or more. Many programs also help with closing costs. We'll research all available programs to maximize your assistance.
Yes! Programs like Good Neighbor Next Door (HUD), Homes for Heroes, and state-specific programs offer additional assistance for teachers, nurses, police officers, firefighters, EMTs, and military personnel.
With forgivable loans, you'll typically repay a prorated amount if you sell or refinance before the forgiveness period ends. For example, if it's a 5-year forgivable loan and you sell after 3 years, you might repay 40% of the assistance.
Sometimes yes! In some areas, you can stack city, county, and state programs. There are also employer-assisted housing programs that can combine with government DPA. We'll research all available options for your situation.
DPA can add 1-2 weeks due to additional program approval requirements. Plan for 35-45 day closings. Some programs are faster than others—we'll set realistic expectations based on the specific programs you're using.
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Exact items vary by program and scenario.
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Information provided is for educational purposes only and is not a commitment to lend. All loans subject to underwriting approval. Rates and terms subject to change. Equal Housing Lender. Equal Housing Opportunity.