Best for Buyers who qualify on income and credit but need help with upfront cash.
Down payment assistance (DPA) programs are offered by state housing agencies, counties and cities. Assistance often comes as a grant that does not need to be repaid as long as program stipulations are met, or as a low- or zero-interest second loan.
DPA is layered on top of a first mortgage — usually FHA or conventional — and each program has its own income limits, purchase-price caps and homebuyer education requirements. We keep current on the programs available in every state we serve and will tell you honestly whether one is worth it for your situation.
Highlights
- Grants and forgivable second loans available in many markets
- Can be combined with FHA, VA and conventional first mortgages
- Programs for first-time buyers, teachers, first responders and more
Things to consider
- Income and purchase-price limits vary by program and county
- Homebuyer education course is often required
- Some programs carry a slightly higher first-mortgage rate
Program descriptions are general and for education only. Guidelines, limits and eligibility change; your mortgage advisor will confirm what applies to you. Not a commitment to lend.