highlights of
Down Payment Assistance Programs
Down Payment Assistance programs are designed to help remove the financial barriers to homeownership for first-time and low- to moderate-income buyers.
These programs can come in the form of grants, low-interest loans, or forgivable loans, and are often provided by state or local housing authorities, nonprofits, or lenders. Assistance can cover not only down payments but also closing costs, making it significantly easier for eligible buyers to purchase a home without the burden of saving for years. Each program has its own eligibility criteria, including income limits, home price caps, and education requirements, ensuring that assistance is directed to those who need it most.
Use towards downpayment
Use for primary residence
For first-time homebuyers
Some programs have minimum credit score requirements, though they are often lower than those for conventional loans.
Eligibility often depends on the buyer's income and the purchase price of the home, which vary by program and location.