Down Payment Assistance
Programs, grants, and strategies to help homebuyers cover down payments and closing costs.
Overview
Down payment assistance (DPA) programs help homebuyers cover the upfront costs of purchasing a home. These programs are offered by state and local housing finance agencies, nonprofits, and some employers. DPA can take the form of grants, forgivable loans, or low-interest second mortgages.
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Frequently Asked Questions
What is down payment assistance?
Down payment assistance programs provide funds to help homebuyers cover their down payment and sometimes closing costs. These programs are typically offered by state and local housing finance agencies and may be structured as grants, forgivable loans, or deferred-payment second mortgages.
Who qualifies for down payment assistance?
Qualification varies by program but typically targets first-time homebuyers, low-to-moderate income buyers, or buyers in designated areas. Many programs have income limits, purchase price limits, and require completion of a homebuyer education course.
How much down payment assistance can I get?
DPA amounts vary widely by program. Some programs offer a few thousand dollars, while others may cover the entire down payment and closing costs. Typical assistance ranges from 2% to 5% of the purchase price.
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