Down Payment Assistance

Down Payment Assistance – Make Homeownership More Affordable

What is Down Payment Assistance (DPA)?

Down Payment Assistance (DPA) programs help homebuyers cover their down payment and/or closing costs, making homeownership more accessible—especially for first-time buyers, low-to-moderate-income families, and essential workers like teachers, nurses, and first responders.

These programs can come in the form of grants, low-interest loans, or forgivable loans, depending on eligibility and location.

Benefits of a Down Payment Assistance

✅ Lower Out-of-Pocket Costs – Reduce or eliminate your down payment.
✅ Makes Homeownership More Accessible – Ideal for first-time and low-to-moderate-income buyers.
✅ Flexible Options – Grants, forgivable loans, and other assistance.
✅ Works with FHA, VA, USDA, and Conventional Loans – Can be combined with various mortgage programs.

How to Apply for Down Payment Assistance

Step 1: Check Eligibility

Review income limits and program requirements for your state or local area.
Confirm if you’re a first-time homebuyer or meet other criteria.

Step 2: Get Pre-Approved for a Mortgage

Work with a lender to determine your loan options.
Some DPA programs require FHA, VA, USDA, or Conventional loans.

Step 3: Apply for Assistance

Submit your DPA application along with required documents (income verification, credit check, homebuyer education certification, etc.).

Step 4: Receive Funds & Close on Your Home

Once approved, DPA funds are applied to your down payment and closing costs.
Finalize your mortgage and move into your new home!

Types of Down Payment Assistance Programs

🔹 Grants – Free money that does not need to be repaid.
🔹 Forgivable Loans – A zero-interest loan that is forgiven after a set number of years if you remain in the home.
🔹 Low-Interest or Deferred Payment Loans – Help with the down payment, repaid over time or deferred until the home is sold.
🔹 Matched Savings Programs – Some programs match what you save for your down payment.