Down Payment Assistance
Down Payment Assistance Programs
Down payment assistance (DPA) programs help homebuyers overcome one of the biggest barriers to purchasing a home — the upfront cash needed for a down payment.
Program Details
Down Payment Assistance (DPA) programs are financial tools that help first-time (and sometimes repeat) homebuyers afford the down payment and closing costs on a home. These programs are typically offered by:
- State housing finance agencies
- City or county governments
- Nonprofit organizations
- Employer-assisted housing programs
**Types of DPA include:**
**Grants —** Free money that does not need to be repaid
**Forgivable Loans** — Loans forgiven after staying in the home for a certain number of years
**Deferred Payment Loans **— No payments until the home is sold or refinanced
**Matched Savings Programs **— Programs that match your savings toward a down payment
- State housing finance agencies
- City or county governments
- Nonprofit organizations
- Employer-assisted housing programs
**Types of DPA include:**
**Grants —** Free money that does not need to be repaid
**Forgivable Loans** — Loans forgiven after staying in the home for a certain number of years
**Deferred Payment Loans **— No payments until the home is sold or refinanced
**Matched Savings Programs **— Programs that match your savings toward a down payment
Eligibility Requirements
- First-time homebuyer status may be required
- Income limits based on Area Median Income (AMI)
- Purchase price limits apply
- Home must be a primary residence
- Completion of a HUD-approved homebuyer education course
- Income limits based on Area Median Income (AMI)
- Purchase price limits apply
- Home must be a primary residence
- Completion of a HUD-approved homebuyer education course
Program Benefits
- Reduce or eliminate your down payment
- Free up savings for moving, furniture, or emergency funds
- Improve your ability to qualify for a loan
- Combine with other programs like FHA, VA, or state-level assistance
- Grants and forgivable loans may not need to be repaid
- Free up savings for moving, furniture, or emergency funds
- Improve your ability to qualify for a loan
- Combine with other programs like FHA, VA, or state-level assistance
- Grants and forgivable loans may not need to be repaid
How to Apply
- Find DPA programs in your state or city
- Contact a participating lender or housing agency
- Check income and purchase price eligibility
- Complete a homebuyer education course
- Submit an application with income and credit documents
- Apply assistance at closing to reduce your cash-to-close
- Contact a participating lender or housing agency
- Check income and purchase price eligibility
- Complete a homebuyer education course
- Submit an application with income and credit documents
- Apply assistance at closing to reduce your cash-to-close
Program Overview
Category
Down Payment Assistance
Maximum Assistance
$25,000
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.