Down Payment Assistance
Don’t let a down payment hold you back from buying a home. Today many loan programs require as little as 3% down, and you can get down payment assistance from various organizations to help you meet the requirements.
What is Down Payment Assistance?
Grants
Grants are like a gift. You don’t have to repay the funds but may have to buy a home in a certain area or live in the home for a certain length of time. So pay attention to the terms before accepting them.
Forgivable Loans
Some DPA is a loan but a silent second mortgage. They have requirements, such as living in the home for a certain length of time. As long as you meet the requirements, the lender will forgive the loan, and you won’t owe anything.
Deferred Payment Loans
Deferred payment loans are down payment assistance options that are a second lien on the property. However, the payment is deferred until you refinance your mortgage or sell the home. If that happens, then you must repay the DPA loan. These loans aren’t ever forgiven, so you must repay them at some point.
Contact us to Learn More
Contact us if you’re looking for down payment assistance to help you buy your first home. Our professionals can help you find the DPA program you qualify for and help you apply to buy your first home.