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What are Down Payment Assistance Programs?

Sometimes, you need a little extra help to make your home ownership dreams a reality – and that’s where down payment assistance programs come in. For qualified homebuyers, there are down payment assistance programs available at the state, local and municipal level designed to help support your home down payment if you find yourself unable to meet the obligations of your terms.

Here are some examples of the types of down payment assistance programs and the amounts available. Buyers in Riverside or San Bernardino County have the opportunity to work with Neighborhood Partnership Housing Services, Inc., who grants up to $18,000 of assistance, while in Atlanta, mortgage assistance applicants can get up to $40,000 in financial help from Invest Atlanta. Other opportunities include:

  • Grants that don’t need to be repaid, so long as you reside in your home for a pre-determined period.
  • Second mortgage loans, which have low or no interest rates and feature deferred payments.
  • Tax credits are sometimes offered by certain states and local government agencies, which can give you more income to help you purchase your home.

Talk with your lender and real estate agent to discuss your options, and determine if state or local assistance programs could be of service to you. You can also visit the U.S. Department of Housing and Urban Development (HUD) directory to discover what kinds of opportunities are available in your community.

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