Down Payment Assistance Mortgage Loan

The perfect loan to help you build your future.

If you have a qualifying credit & good income but just don’t have enough funds to comfortably put down a large down payment, there are many state, county, and local governments that offer various loan assistance, grant, and bond programs for families wishing to purchase a home. We are here to help you navigate the down payment assistance financing process with ease and efficiency!

Don’t let worries of coming up with down payment dollars scare you away from buying a home. Today’s buyers have more options than ever for putting together these funds.

Our Top 3 Down Payment Assistance Programs

DPA Advantage is a 2% grant* based on the home purchase price

*This loan will need to be repaid only if the property is refinanced or sold within the first 3 years; otherwise, it functions as a grant!

May be combined with up to 6% seller concession for closing costs

Minimum qualifying credit score: 620

Eligible Borrowers (Any of one the following):

  • Any borrower with income equal to or less than 140% of median area income
  • First-time home buyers (Have not owned a home in at least 3 years)

Any borrower on the loan application who is a current, retired, volunteer, or non-paid:

  • First-responder: police officer, firefighter, public safety officer, paramedic, or emergency medical technician
  • Educator
  • Medical personnel: nurse, doctor, phlebotomist or health ambassador, or hospital, American Red Cross worker
  • Civil servant in a federal, state, or local municipality
  • Military personnel

Provides 3.5% in funds to cover the minimum down payment for FHA loans if you meet certain requirements.

There are 3 options to this DPA:

  1. Option 1 – Rate Advantage: A 10-year Repayable 2nd Mortgage with 8% interest
    1. Minimum credit score: 640
  2. Option 2 – Soft Second: A 30-year Soft Forgivable 2nd Mortgage with 0% Interest
    1. Minimum credit score: 620
  3. Option 3 – Repayable Second: A 10-year Repayable 2nd Mortgage with 0% interest OR a 30-year Repayable 2nd Mortgage with 5% interest
    1. Minimum credit score: 620 

Options 1 and 2 are limited to borrowers who earn less than 115% of the area median income. Additional credit requirements apply. 

There are between 2,000 & 2,500 programs from coast to coast. The amount of assistance available varies by state or county, but the number can range from 3% of the purchase price up to $15,000 (or more, in some cases)!

Look out for special conditions that arise frequently. Ask one of our experienced loan consultants which options could be right for you.

Virtually all the programs require you to use one of the state’s own mortgage products and to do so through a lender that participates in the program.

Most require you to either buy a home in which you’ll live, or purchase property in certain Census tracts.

If such conditions bar you from a program, explore others that cover your area.

Here is a list of DPA programs offered in each state: