Down Payment Assistance Programs
Various government and non-profit programs offer down payment and closing cost assistance.
Key Requirements
Down Payment
0-5% (program covers rest)
Credit Score
500-680+ (varies)
Interest Rates
Often includes favorable rates
Debt-to-Income
Usually at or below 80% area median
Benefits
- Down payment grants (non-repayable)
- Closing cost assistance
- Favorable loan terms
- Forgiveness clauses possible
- Reduced interest rates
- Educational resources included
Eligibility Requirements
- ✓First-time homebuyer status
- ✓Income limits (varies by program)
- ✓Geographic area requirements
- ✓Minimum credit score (varies)
- ✓Homebuyer education completion
- ✓Property type and value limits
How the Process Works
1
Identify local programs
2
Check income/asset eligibility
3
Complete homebuyer course
4
Apply for assistance
5
Get approved for combination loan
6
Find property
7
Close with assistance funds
Loan Details
Loan Limits
Program-dependent
Category
Special Programs
Down Payment Assistance Programs
Assistance
State and local programs that provide grants or favorable terms to help with down payments.
Minimum Down Payment
0-5% (program covers rest)
Typical Credit Score
500-680+ (varies)
Our mortgage specialist partners can answer all your questions about this program.