Down Payment Assistance

A down payment assistance program helps buyers with grants or loans to cover part of the down payment or closing costs, making homeownership more affordable and accessible.

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What Is Down Payment Assistance?

Our down payment assistance programs help families and individuals achieve their dream of homeownership by providing funds that can be applied towards the down payment. Some programs will provide additional funds that can be used for closing costs, which lowers the total contribution they must come in with when the loan closes. Our down payment assistance programs allow home buyers to purchase much sooner than they thought possible.

You might need down payment assistance if you…

…are a first-time homebuyer looking into your down payment options

…need financial assistance for your down payment and/or closing costs

…are looking for programs offered specifically in your city or state

…own a home but want to find down payment options for your next home

How Do You Qualify for Down Payment Assistance?

You must occupy the home as a primary residence.
Flexible credit score and credit history requirements.
Must fall within program income limits which vary by county and specific program guidelines.
Some programs will allow borrowers who have previously owned a home; there is not always a first-time homebuyer requirement.

What Homes are Eligible for Down Payment Assistance?

Single-family homes, condos & townhomes are eligible.
Special eligibility may be allowed for multi-family properties if you plan to occupy one of the units.
Property must be located in an eligible city/county/state depending on the target program.
FHA, VA, USDA, and Conventional loans are eligible.

Types of Down Payment
Assistance

Down payment assistance programs come in various forms to assist buyers in purchasing a home.

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Grants

Grants are considered to be fully forgivable and never have to be paid back by the borrower.

Loans

Some programs offer down payment assistance in the form of a second loan. This assistance may be fully forgivable, deferred or have a reduced monthly payment associated with them.

Community Second Mortgages

Community second mortgages are loans that have their own interest rates and terms. They may be fully forgivable, repayable, or have a deferred payment structure.

Down Payment Assistance Programs

Down payment assistance programs vary widely across states and can even be available at a local level.

National Programs

There are many down payment assistance programs offered nationwide that aren’t exclusive to a state or city. Depending on the program, it can be in the form of a grant or loan.

Examples

With 100% FHA financing, our RWM Zero program allows you to save on your down payment and is available in all states (except Washington).

State Programs

Many states offer their own down payment assistance programs to assist homebuyers in achieving homeownership. These programs can take various forms, including grants, low-interest loans, or forgivable loans.

Examples

If you want to buy a home in California, examples of state programs would be the GSFA or CalHFA programs. Nevada also has a Home is Possible program that helps with down payment and closing costs.

Local Programs

Certain cities and counties often have their own down payment assistance programs tailored to local housing needs and economic conditions. These programs can offer different types of financial assistance, such as grants, soft loans, or deferred-payment loans.

Examples

For homebuyers looking to purchase in San Diego, the San Diego Housing Commission has its program that caters to the current and soon-to-be residents of sunny San Diego. The Chicago Housing Authority also has its own program for potential homebuyers in Chicago.

Nonprofits

Certain nonprofit organizations incorporate housing assistance as a core component of their mission and can provide access to a broader range of resources.

Examples

The TSAHC (Texas State Affordable Housing Corporation) is a nonprofit organization that serves as a statewide affordable housing provider.

How to Find Down Payment Assistance Programs

Use Our Down Payment Resource Tool

We are excited to announce that we are partnered with Down Payment Resource, a great online tool for everything you need to know about DPA and available programs. For more information and to start finding program matches for your home purchase, click below!

Find DPA Programs

Down Payment Assistance FAQ

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Down Payment Assistance Programs: What You Need to Know

Our down payment assistance blog helps you understand your eligibility and how to connect with our mortgage experts to find the right solution for your needs.

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