Get Help with Your Down Payment
Down Payment Assistance helps homebuyers cover the upfront costs of buying a home—usually the down payment and sometimes closing costs. These programs are typically offered by government agencies, nonprofits, or lenders and are designed to make homeownership more affordable, especially for first-time buyers or those with limited savings.
What is Down Payment Assistance?
Down Payment Assistance is money that helps you pay for the down payment on a home. It’s often offered as a grant or loan and is designed to make buying a home more affordable—especially for first-time buyers.
Types of Assistance
- Grants (no repayment)
- Forgivable loans
- Deferred-payment loans
- Matched savings
Who Qualifies
- Income limits
- First-time buyer definition
- Property and residency requirements
- Credit/debt guidelines
Benefits of Down Payment Assistance
Lower Upfront Costs:Helps cover the down payment and sometimes closing costs, so you need less cash to buy a home.
Makes Homeownership Possible Sooner:You don’t have to wait years to save a large down payment.
Keeps Your Savings Intact:Allows you to keep more money in your pocket for emergencies, moving expenses, or home improvements.
Can Be Combined with Loan Programs:Often works alongside FHA, VA, or conventional loans.
May Be Forgivable:Some DPA programs don’t need to be repaid if you live in the home for a certain number of years.
Boosts Buying Power:With assistance, you may qualify for a better loan or more home than you expected.
How Does Down Payment Assistance Work?
These programs are offered by state or local housing agencies, nonprofits, or lenders.
Most programs require you to be a first-time homebuyer, meet income limits, and buy a primary residence.
The assistance may come as a grant (free money) or a loan (often with low or no interest, and sometimes forgivable).
The DPA money is applied at closing to reduce your out-of-pocket costs.
Grants don’t need to be repaid.
Forgivable loans are erased after a few years if you stay in the home.
Deferred loans are paid back when you sell or refinance.
