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!
How Does a Bank Statement Loan Work?
🔹 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.