down payment assistance

Down payment assistance programs (DPAs) can help eligible homebuyers achieve their homeownership goals.

 
Did you know?
If you are financially ready to own a home, but don’t have enough funds saved for a down payment and closing costs, you may be eligible for a DPA.

how do DPAs work?

Each state has a State Housing Finance Agency (HFA) that offers down payment assistance for qualified homebuyers. HFAs receive their funding from government allocations and other revenue streams.

additional down payment assistance details:

  • Most DPAs are available for low- to moderate-income homebuyers that fall into certain income limits, which are established by the Department of Housing and Urban Development (HUD). HUD determines income limits based on median family income estimates for specific areas
  • DPAs also have minimum credit score and maximum debt requirements
  • Some DPAs require the homebuyer to provide a small amount of money upfront when buying their home
  • Most DPAs require the homebuyer to complete a homebuyer education course (either online or in person); these courses prepare the buyer for the responsibilities of homeownership
 

benefits of down payment assistance programs

The main benefit of using a DPA is that it helps many homebuyers get into their homes sooner rather than later – allowing them to start building equity and long-term wealth.

Learn more about the benefits of DPAs.

find a DPA in your area

Geographical restrictions apply. All loan requests are subject to credit approval as well as specific loan program requirements and guidelines.