Down Payment Assistance
Buy a Home
Down Payment Assistance
Down payment assistance programs can help eligible borrowers cover part of their down payment and sometimes closing costs — making homeownership more accessible for those who qualify.
Who May Benefit
- First-time homebuyers who meet income and purchase price limits
- Repeat buyers who qualify under specific program rules
- Borrowers in eligible geographic areas
- Those who have completed required homebuyer education
- Buyers who need help covering down payment or closing costs
How It Generally Works
Assistance programs vary widely in structure. Some offer grants that do not need to be repaid. Others provide forgivable loans, deferred-payment loans, or repayable second mortgages. Program availability, funding levels, income limits, and geographic restrictions change frequently.
Many programs require homebuyer education, have purchase price limits, and are tied to specific first mortgage products. Funds are sometimes limited and may be exhausted before the end of a program cycle.
Key Considerations
Program Structures Vary
Assistance may come as a grant, forgivable loan, deferred-payment loan, or repayable second mortgage. Each structure has different implications for your total cost and obligations.
Income and Purchase Price Limits
Most programs have income limits based on area median income and purchase price caps. Eligibility varies by program, location, and household size.
Homebuyer Education
Many programs require completion of an approved homebuyer education course before closing. This is typically available online and takes a few hours.
Funding Availability
Assistance funds are often limited and can be exhausted before the end of a program cycle. Availability is not guaranteed and should be verified before relying on it in your purchase plans.
Down payment assistance program availability, funding, and terms vary by location, income, and program. Named programs should be verified against current official information before relying on availability.
Frequently Asked Questions
Ask About Down Payment Assistance
Let's explore what programs may be available for your situation and location.