What is Down Payment Assistance (DPA)?

Down Payment Assistance (DPA) programs provide grants or silent second mortgages to help homebuyers cover their down payment and/or closing costs. These programs are often offered by state or local housing agencies and are typically combined with a primary mortgage like an FHA loan.

How do DPA programs work?

DPA can come in several forms. Some are grants that do not need to be repaid. Others are 'silent' or forgivable second mortgages, where the loan is forgiven over a period of time as long as you live in the home, or only needs to be repaid when you sell or refinance.

Who is eligible for Down Payment Assistance?

Eligibility varies by program but is often targeted at first-time homebuyers, low-to-moderate-income borrowers, and public service workers. Requirements typically include income limits, minimum credit scores, and purchasing a home in a specific area.

Down Payment Assistance Mortgage Programs for FHA Loans

How Down Payment Assistance Works

Get Funds to Close

Receive a grant or a second loan to cover your down payment and/or closing costs.

Combine with a Loan

DPA is typically paired with a primary mortgage, most commonly an FHA loan, for a total financing solution.

Meet Eligibility

Qualify based on income limits, credit score, and property location requirements for the specific program.

Down Payment Assistance Program Highlights

Opening Doors to Homeownership: Down Payment Assistance Programs Make Home Buying Possible — DPA programs make home buying possible for more families.

Down payment assistance mortgage programs are designed to help homebuyers who cannot afford the down payment and closing costs associated with buying a home. These programs, typically combined with an FHA loan, offer additional financial assistance to help with the upfront costs of purchasing a home.

Eligibility requirements: DPA programs have eligibility requirements that must be met, which may include income limits, credit score requirements, and restrictions on the location and value of the property.
Types of assistance: Assistance can come in many forms, including grants (which don't need to be repaid) and silent or forgivable second mortgages.
Application process: The application process can be lengthy and will require full documentation such as tax returns, bank statements, and pay stubs.
Limits on assistance: DPA programs typically have limits on the amount of assistance that can be provided, which vary by program.
Repayment requirements: If the assistance is a loan, homeowners should be aware of the repayment terms. Some loans are forgiven over time, while others must be repaid upon selling or refinancing the home.

In summary, our down payment assistance mortgage programs can be a valuable resource for homebuyers who need help with upfront costs.