Hello Atlanta, Let’s take a moment to debunk four common myths about down payment assistance programs, based on guidance from Workforce Resource LLC.
Many people know that buying a home is one of life’s biggest milestones. But unfortunately, a lot of hopeful buyers stop short of that goal because of misinformation about down payment programs and how they really work.
So today, let’s reset expectations and separate fact from fiction, so you can make confident and informed decisions on your path to homeownership.
First, it’s important to understand that down payment assistance programs — often called DPA — are designed to help qualified buyers cover upfront homebuying costs.
And they aren’t just for first-time buyers. In fact, many buyers may qualify depending on local program criteria. These programs exist in every market, and there is real funding available right now for qualified applicants.
Let’s look at four common myths.
Reality: Many buyers — including repeat buyers — can qualify.
Nearly 40% of the more than 2,600 programs available across the United States do not require first-time homebuyer status.
Even when programs do reference “first-time buyers,” most follow the HUD definition, which simply means someone who hasn’t owned a home in the past three years.
So even if you’ve owned a home before, you may still qualify.
Reality: Most programs still have funds available.
Across the country, close to 80% of down payment assistance programs currently have funding available.
Tens to hundreds of millions of dollars are allocated through grants, tax credits, affordable first mortgages, and assistance programs supported by state and local housing agencies, nonprofits, employers, and other organizations.
In other words — the funding is still out there.
Reality: Eligibility varies by program, and many buyers are pleasantly surprised.
Programs typically look at factors like income, purchase price, occupancy requirements, and minimum credit scores.
But in many cases, the eligibility limits are broader than buyers expect. Some programs even provide additional support for educators, healthcare workers, and first responders.
Buyers should expect to meet basic credit standards, contribute a modest amount of their own funds, and complete a homebuyer education course if required.
These steps are designed to support long-term homeownership success, not create unnecessary barriers.
Reality: It adds documentation, but it’s very manageable.
Yes, there may be additional paperwork involved, but lenders who work with these programs know how to integrate the assistance into your mortgage process smoothly.
When handled by experienced professionals, the process can be completed without delaying your home purchase timeline.
Now that you know the basics, the next step is to explore which programs may be available to you.
When you’re ready, we can help connect you with the programs that fit your situation and the knowledgeable lenders who administer them.
Stick with the Linwood Burns Real Estate Results Team, and we’ll help guide you through the process.
To explore down payment programs available in your area, visit:
atlantadownpaymentassistance.org
Or call us today at 1-877-LINWOOD.
You can also find valuable resources at www.linwoodburns.com.
Let’s work together to help you move one step closer to homeownership.
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