Down Payment Assistance!
Our Down Payment Assistance Loan Program is designed to help make homeownership more accessible by reducing the upfront cash needed for your down payment and closing costs. This program is especially helpful for first-time homebuyers, but some options are also available to repeat buyers who meet certain criteria.
Down Payment Assistance - Key Features
Financial assistance to cover all or part of your down payment and closing costs, often in the form of a grant or a second mortgage.
Assistance may be structured as a forgivable loan (which you don’t have to repay if you meet certain requirements), a deferred-payment loan (no payments due until you sell, refinance, or pay off your first mortgage), or a low-interest loan repaid over time.
Grants do not need to be repaid and can be used directly toward your down payment or closing costs.
Many programs offer assistance amounts ranging from a few thousand dollars up to $30,000 or more, depending on your location and eligibility.
Down Payment Assistance Eligibility
Typically for first-time homebuyers (defined as not having owned a home in the past three years), but some programs are open to repeat buyers.
Must purchase a primary residence (not an investment property) such as a single-family home, condo, or townhome.
Income must usually fall below a set limit based on your area’s median income.
Home purchase price must be within local program limits.
Most programs require a minimum credit score, often starting at 620.
Completion of a homebuyer education course is commonly required before closing.
You may need to contribute some of your own funds toward the purchase.
