What is down payment assistance?Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. Show
There are more than 2,000 of these programs nationwide. State, county, and city governments run many of them. DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify. In this article (Skip to...)
>Related: How to buy a house with $0 down: First-time home buyer Who qualifies for down payment assistance?Down payment assistance programs are typically meant for first-time home buyers. However, a repeat home buyer often counts as a “first-time buyer” if they haven’t owned a home in the past three years. Typical requirements to qualify for down payment assistance:
Keep in mind that every down payment assistance program is a little different. The exact criteria to qualify will depend on where you live and which programs are available. In addition, you could get more money and qualify more easily if you’re buying in a so-called “target area.” Your lender can help determine if your property is eligible. How down payment assistance worksDown payment assistance (DPA) helps homebuyers with grants or low-interest loans, reducing the amount they need to save for a down payment. Provided you qualify, you could receive a forgivable loan or an outright cash gift that never has to be repaid. Some loans must be repaid but with low or no interest. Many DPAs can be used for closing costs, too. Most DPA programs are offered at the local level. And eligibility requirements vary from one program to the next. Many DPAs require that you be a first-time home buyer (meaning you haven’t owned a home in three years) with a decent credit score and a low or moderate income. But not all programs have these same rules. Also, note that many DPA programs have a list of “participating lenders” they work with. So you may have to choose a lender that’s approved by your assistance program. Types of down payment assistance programsThere are four main types of down payment assistance:
Some DPA loans are interest-free, some have lower rates than your first mortgage, and others require the same or a higher rate than that. A quick count of the programs listed below suggests all four types of DPA are widespread. Grants are the most common, but not by much. How to find down payment assistance programsDown payment assistance programs are usually very localized. There are a few national DPAs and many statewide ones, but the majority are run at a city or county level. The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out. They’ll also know which programs the lender can accept (not all lenders work with all DPAs). If you want to do some research on your own, you can also Google “down payment assistance grants in [state, county, or city].” This will help you find current programs specific to your area that you might be able to apply for. How big of a down payment grant can I get?Down payment assistance programs are something of a ZIP code lottery. Depending on where you want to buy, you could be in line for a few thousand dollars or tens of thousands. And your program will dictate whether the money is a grant or a loan that needs to be repaid. For example:
Of course, some homeowners will qualify for more and some less. The only way to know how much help you’re in line for is to find local down payment assistance programs in your area and apply. Are there closing cost grants, too?Some homebuyer programs explicitly state that you can use their funds for closing costs as well as your down payment. Others may or may not have rules about that. Check your local down payment assistance programs to see if closing cost grants are included. What mortgages can be used with down payment assistance?Almost all DPA programs require you to borrow from an approved lender and use an approved mortgage program. You may have to sign up for a particular mortgage product. However, DPA-approved mortgages often include the most popular loan programs, like:
In other words, the mortgage products allowed by your DPA program may be very flexible. Down payment assistance programs by stateDepending on whose math you trust, there are between 2,000 and 2,500 DPA programs in the U.S. These are typically run by state and local governments as well as nonprofits at the community level. We list some of the biggest programs in each state below. The U.S. Department of Housing and Urban Development (HUD) also lists many homeownership assistance programs including DPA on its State Pages. While we have made reasonable efforts to make sure the information below is correct at the time of posting, it is subject to change without notice. Please check relevant websites for more information. Alabama Down Payment Assistance ProgramsThe Alabama Housing Finance Authority’s Step Up program offers to lend you your down payment in a 10-year second mortgage. That deal comes with conditions:
Get more details from the Step Up homepage. And take a look at HUD’s list of alternative programs for
Alabama. Alaska Down Payment Assistance ProgramsThe Alaska Housing Finance Corporation (AHFC) can provide a grant toward your closing costs and down payment.
Discover more at the AHFC’s
Closing Cost Assistance Program webpage. And take a look at HUD’s list of alternative programs for Alaska. Arizona Down Payment Assistance ProgramsThe Arizona Department of Housing’s Home Plus program provides up to 5% of the initial balance on your new mortgage. The amount you might get will depend on the type of mortgage you choose.
Find out more at the Home Plus homepage. And take a look at HUD’s list of alternative programs for Arizona. Arkansas Down Payment Assistance ProgramsThe Arkansas Development Finance Authority (ADFA) has a couple of helpful programs. ADFA’s home loan program, “ADFA Move-UP,” offers home buyers an “affordable” mortgage and can be used in conjunction with a conventional, FHA, VA, or USDA mortgage loan. Those taking advantage of the Move-Up loan might also be able to access down payment assistance through the ADFA. The organization offers a few assistance programs:
Visit the web pages of the ADFA Move-Up Choice and AFDA Down Payment
Assistance programs to discover more, including income limits for your county. And take a look at HUD’s list of alternative programs for Arkansas. California Down Payment Assistance ProgramsThe California Housing Finance Agency (CalHFA) MyHome Assistance Program provides down payment help for eligible buyers. This takes the form of a second mortgage of 3-3.5% of the home’s purchase price or $11,000 — whichever is less.
This is a first-time home buyer down payment assistance program. So it won’t help if you already own an existing home. However, CalHFA defines a first-time home buyer as “someone who has not owned and occupied their own home in the last three years.” So many who’ve previously owned homes may qualify. Check out the MyHome Assistance Program webpage for more information. You’ll find some income limits there. If you’re a teacher or fire department employee, certain program limits may not apply. Also take a look at HUD’s
list of alternative programs for California. Colorado Down Payment Assistance ProgramsThe Colorado Housing Assistance Corporation’s (CHAC’s) Down Payment Assistance Program is intended for first-time buyers. To qualify, you’ll need to have a low or moderate income compared to others in the area in which you buy.
For more, visit
CHAC’s website. And consult HUD’s list of alternative programs for Colorado. Connecticut Down Payment Assistance ProgramsThe Connecticut Housing Finance Authority (CHFA) offers up to $20,000 in down payment assistance (DPA) in the form of a second mortgage at 1% interest. However, some borrowers may be entitled to lower DPA rates.
To apply for this program, you’ll first need to be approved for a mortgage by a participating lender. The CHFA Down Payment Assistance Program webpage includes a list of participating lenders. And check out this
HUD webpage for other programs in Connecticut. Delaware Down Payment Assistance ProgramsThe Delaware State Housing Authority (DSHA) has several ways to help make home buying easier, including a down payment assistance program.
You’d have to use a participating lender and meet maximum income limits which vary by county. Find details on the DSHA’s website. And find other DPA programs for Delaware on HUD’s
website. Washington, D.C. Down Payment Assistance ProgramsThe District of Columbia’s Home Purchase Assistance Program (HPAP) helps low- or moderate-income borrowers.
Read more at the
HPAP home page. And see other programs on HUD’s website. Florida Down Payment Assistance ProgramsThe Florida Housing Finance Corporation (FHFC) has four DPA programs:
Discover more at the FHFC’s website. And check
HUD’s list of alternative programs for Florida. Georgia Down Payment Assistance ProgramsThe Georgia Dream Homeownership Program (GDHP) helps provide affordable financing for low- and moderate-income first-time home buyers. The program includes down payment assistance loans of:
To qualify, borrowers will need to be within local household income limits and have liquid assets of no more than $20,000 or 20% of the home purchase price (whichever is greater). You can get all the details from the GDHP website. And check out HUD’s list of other DPA programs in Georgia. Hawaii Down Payment Assistance ProgramsThere isn’t an official statewide down payment assistance program for Hawaii. But help is still available for Hawaii first-time home buyers. The Hawaii Home Ownership Center is a non-profit mortgage brokerage offering both down payment assistance and a 15-year deferred closing cost loan.
Take
a look at HUD’s list of other homeownership assistance programs in Hawaii. Idaho Down Payment Assistance ProgramsThe Idaho Housing and Finance Association (IHFA) runs a down payment assistance program offering up to 10% of the home sale price toward buyers’ down payment and/or closing costs. To qualify, borrowers will need to contribute at least 0.5% of the purchase price from their own funds. For instance, someone buying a $200,000 home would need to pay at least $1,000 out of pocket. IHFA also requires a household income at or below $150,000, and buyers must take a homebuyer education course to receive down payment assistance. Visit the IHFA website for complete details which include income limits in some cases. And check HUD’s list of alternative programs for Idaho. Illinois Down Payment Assistance ProgramsThe Illinois Housing Development Authority (IHDA) has three down payment assistance loan options:
To get any of these loans, you’ll have to put up $1,000 or 1% of the purchase price (whichever is greater) yourself. And you must be buying an existing home; new builds are excluded. Learn more at the Illinois Housing Development Authority’s website. And consult HUD’s list of alternative programs in
Illinois. Indiana Down Payment Assistance ProgramsThe Indiana Housing and Community Development Authority (IHCDA) has two programs that offer down payment assistance.
The IHCDA also offers a mortgage credit certificate that can help first-time home buyers and veterans qualify for a better mortgage loan. For more information on these, visit IHCDA’s website. And check HUD’s list
of other programs in Indiana. Iowa Down Payment Assistance ProgramsThe Iowa Finance Authority offers grants and loans as down payment or closing cost assistance.
First-time home buyers and veterans may qualify for either type of assistance. Others can also qualify if they’re home buying in a low-income census tract. And the Iowa Finance Authority runs a similar program for repeat home buyers. All programs have income limits and price caps on eligible homes. You’d also need a credit score of 640 to qualify. Learn more at the IFA’s website. And take a look at HUD’s list of alternative programs in Iowa. Kansas Down Payment Assistance ProgramsThe Kansas Housing Resources Corporation (KHRC) has a first-time home buyer down payment assistance program. However, purchases within the city limits of Topeka, Wichita, Lawrence, and Kansas City, and in Johnson County, are not eligible for help.
Get more details at KHRC’s website. And find alternative programs for Kansas on
HUD’s website. Kentucky Down Payment Assistance ProgramsThe Kentucky Housing Corporation offers two down payment assistance programs:
For either program, your home’s purchase price can’t exceed $346,644. Check the KHC’s website for more details, including income limits for the Affordable DPA program. Meanwhile, consult HUD’s list of alternative homeownership assistance programs in
Kentucky. Louisiana Down Payment Assistance ProgramsLouisiana has one of the most generous down payment assistance programs. The Resilience Soft Second Loan offers:
Better yet, the loan is forgiven after ten years. So as long as you remain in your home at least that long, you won’t have to repay anything. This program is operated by the Louisiana Housing Corporation, and you’d need to meet income limits. You can’t earn more than 80% of your area’s median income. And, only first-time homebuyers can participate. Louisiana includes single parents who owned a home while married as first-time buyers. Only homes in the following parishes qualify: Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, De Soto, East Carroll, East Baton Rouge, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn Parish. For more information on this program, visit LHC’s website. And look at
HUD’s list of alternative homeownership assistance programs in Louisiana. Maine Down Payment Assistance ProgramsThe Maine State Housing Authority’s (MSNA’s) First Home Loan Program is aimed at first-time buyers and those who’ve not owned a home within the last three years.
Eligibility criteria include an unspecified minimum credit score and caps on your household income and home purchase price. You’ll also need to put 1% of your own cash toward your home purchase. (The cost of your required home buyer education course goes toward this 1%). Discover more at MSNA’s website. And check HUD’s list of other homeownership assistance programs in
Maine. Maryland Down Payment Assistance ProgramsThe Maryland Department of Housing and Community Development (MDHCD) can offer home buyer assistance through its Maryland Mortgage Program. Borrowers using the 1st Time Advantage home loan may have access to one of the following DPA options:
Additional options, including MMP Flex Loans and the Partner Match program, can provide down payment assistance to borrowers who aren’t using a 1st Time Advantage loan. Learn more at
MDHCD’s website. And look for other homeownership assistance programs in Maryland on HUD’s website. Massachusetts Down Payment Assistance ProgramsMassHousing, an independent housing agency in Massachusetts, can offer up to $50,000 in down payment assistance, depending on where you plan to buy a home.
To find out whether you’d be eligible for this program, you’d need to speak with a loan officer. MassHousing doesn’t publish program details on its website. For a list of other local programs in Massachusetts, visit HUD’s website. Michigan Down Payment Assistance ProgramsThe Michigan State Housing Development Authority (MSHDA) offers a few different home buyer assistance programs.
In addition to these DPA loans, MSHDA offers a homeownership education program and a mortgage credit certificate which lowers your federal tax bill. Find
out more at the MSHDA website. And find a list of other homeownership assistance programs in Michigan on HUD’s website. Minnesota Down Payment Assistance ProgramsThe Minnesota Housing Finance Agency (MHFA) provides two types of down payment assistance loans to eligible borrowers:
Discover more at the MHFA’s website. And check HUD’s list of other homeownership assistance programs in Minnesota. Mississippi Down Payment Assistance ProgramsThe Mississippi Home Corporation (MHC) offers two different mortgage programs that each come with their own brand of down payment assistance.
MRB7 is for first-time home buyers only (including home buyers who haven’t owned a home in the last 3 years), while Smart6 can be used by first-time and repeat home buyers alike. Find out more at the MHC’s website. And consult
HUD’s list of other homeownership assistance programs operating in Mississippi. Missouri Down Payment Assistance ProgramsThe Missouri Housing Development Commission (MHDC) provides down payment assistance for both first-time and repeat buyers. This comes in the form of a second mortgage loan of up to 4% of the home’s purchase price.
Get more information from the
MHDC’s website. And check out HUD’s list of other homeownership assistance programs in Missouri, including one operated by the Delta Area Economic Opportunity Corporation. Montana Down Payment Assistance ProgramsNeighborWorks Montana offers three down payment assistance programs:
NeighborWorks also offers closing cost assistance if you’re getting a USDA Direct Loan which does not require a down payment. The program has lots of options and rules, so read up on the details at NeighborWorks
Montana’s website. And check HUD’s list of other homeownership assistance programs in the state. Nebraska Down Payment Assistance ProgramsThe Nebraska Investment Finance Authority (NIFA) offers DPA of up to $10,000 or 5% of the sale price (whichever is less) via its Homebuyer Assistance Program. To qualify, borrowers must contribute at least $1,000 out of pocket. The assistance takes the form of a 10-year loan with a 1% interest rate. Check the NIFA’s webpage for more information. And take a look at
HUD’s list of other homeownership assistance programs in the state. Nevada Down Payment Assistance ProgramsThe State of Nevada’s Home Is Possible Down Payment Assistance Program can provide up to 4% of your loan amount toward the down payment and closing costs. This takes the form of an interest-free loan that’s forgiven after three years. To be eligible for Nevada’s DPA program:
In addition, you’ll need to meet your lender’s financial requirements to qualify for the mortgage. For more details, visit the Home is Possible Down Payment Assistance Program’s webpage. And check out
HUD’s list of other homeownership assistance programs in Nevada. New Hampshire Down Payment Assistance ProgramsNew Hampshire Housing has two programs to help first-time home buyers. Home Flex Plus and Home Preferred Plus each provide up to 4% of the sale price in down payment assistance, which is forgiven after four years as long as you don’t sell the home, refinance, or file for bankruptcy within that time. Household income limits apply. In most cases, you can’t make more than 80% of your area’s median income (AMI) or up to $151,200 to qualify for aid. Get more
information from the authority’s website. And take a look at HUD’s list of other homeownership assistance programs in New Hampshire. New Jersey Down Payment Assistance ProgramsFirst-time buyers in New Jersey can get up to $10,000 in down payment assistance through a five-year, forgivable loan with no interest or monthly payments required. The loan must be paired with a first mortgage from the New Jersey Housing and Mortgage Finance Agency which can be a 30-year FHA, USDA, or VA loan. For more information, visit the agency’s website. And consult
HUD’s list of other homeownership assistance programs operating in the state. New Mexico Down Payment Assistance ProgramsThe New Mexico Mortgage Finance Authority’s FIRSTDown DPA program offers help with closing costs and down payments to first-time buyers. It provides up to $8,000 as a 30-year second mortgage at a relatively low interest rate.
An alternative program, called HomeNow, also offers up to $8,000 in down payment assistance. The difference is that this loan can be forgiven after 10 years and is only available to borrowers with an income below 80% of the area median income (AMI). You can find full details on the authority’s website. And read HUD’s list of other homeowner
assistance programs in New Mexico. New York Down Payment Assistance ProgramsThe State of New York Mortgage Association (SONYMA) offers a variety of home loans and down payment assistance programs for first-time buyers.
In addition, New York City has its own HomeFirst Down Payment Assistance Program that could offer up to $100,000 for eligible buyers. To qualify, borrowers must have a household income below 80% of their area median income (AMI) and pay at least 1% of the purchase price out of pocket. For links to other statewide and local programs in New York,
check HUD’s list. North Carolina Down Payment Assistance ProgramsFirst-time and repeat home buyers may be eligible for a down payment loan of up to 3% of their mortgage balance with the NC Home Advantage Mortgage.
Use the link above to get more information from the North Carolina Housing Finance Agency’s website. And review HUD’s list of other homeownership assistance programs in the state. North Dakota Down Payment Assistance ProgramsThe North Dakota Housing Finance Agency (NDHFA) has two programs, called “Start” and “DCA,” that are intended to help with upfront home buying closing costs. Both programs can offer up to 3% of the mortgage amount toward your down payment, closing costs, and/or prepaid items. To qualify, you’ll have to have a household income below certain caps. And the value of the home you’re buying may also be limited. You can find details here. And take a look at HUD’s
list of other homeownership assistance programs in North Dakota. Ohio Down Payment Assistance ProgramsThe Ohio Housing Finance Agency has a down payment assistance program through its MyOhioHome.org resource. It provides either 2.5% or 5% of the home’s purchase price.
Get more information from MyOhioHome’s website. And
consult HUD’s list of other homeownership assistance programs in Ohio. Oklahoma Down Payment Assistance ProgramsThe Oklahoma Housing Finance Agency offers its OHFA Homebuyer Down Payment Assistance program. This provides down payment assistance loans to eligible borrowers using a 30-year fixed-rate mortgage. Those secondary loans are 3.5% of the primary mortgage amount. To qualify, you’ll likely need a credit score of 640 or better. And your household income will be capped according to family size and the county of purchase. Learn more at OHFA’s website. And take a look at
HUD’s list of other homeownership assistance programs operating in Oklahoma. Oregon Down Payment Assistance ProgramsOregon Housing and Community Services (OHCS) offers down payment assistance programs for first-time buyers. They’re intended for “low-and very low-income families and individuals, with particular focus on underserved populations.” The state agency sends money to various local agencies which provide direct assistance to home buyers. There’s a list of those agencies on the OHCS website, together with the county or counties each serves. Links are provided
there to every agency. Also check out HUD’s list of other homeownership assistance programs in the state. Pennsylvania Down Payment Assistance ProgramsThe Pennsylvania Housing Finance Agency (PHFA) offers a variety of down payment assistance programs.
Each program has its own eligibility criteria and a list of acceptable mortgage loan programs. You can get details from the agency’s website. And consult
HUD’s list of other homeownership assistance programs in Pennsylvania. Puerto Rico Down Payment Assistance ProgramsPuerto Rico provides grants of up to 5% of the purchase price on new homes and those refurbished by private developers. That purchase price must be in the range of $94,000 to $143,000. Learn more at PRHFA Programs. It’s not clear whether the U.S. Virgin Islands has a down payment assistance program as such. But its William’s Delight Home Ownership Program is intended to “empower our residents to achieve their housing dreams.” For more information, call
(340) 772-1505. Rhode Island Down Payment Assistance ProgramsThe Rhode Island Housing department offers a down payment assistance program for first-time buyers who use an RIHousing mortgage to buy their home. If you’re eligible, you could get 6% of your loan size or $15,000 (whichever is lower) in down payment assistance. The agency says that in most cases, “the interset rate on an Extra Assistance Loan will be the same as the interest rate on your RIHousing first mortgage.” Discover more at Rhode Island Housing’s website. And explore
HUD’s list of other homeownership assistance programs in the state. South Carolina Down Payment Assistance ProgramsThe South Carolina State Housing Finance and Development Authority offers both mortgage loans and down payment assistance. This is intended to help low-to-moderate income families and individuals who are purchasing a home for the first time. The Palmetto Home Advantage mortgage can be used with a conventional, FHA, VA, or USDA loan. And it may come with down payment assistance worth up to 4% of the loan amount “with a $0.00 monthly payment.” For more details, you must contact one of the lenders that participate in the program. Also check out HUD’s list of other homeownership assistance programs operating in South
Carolina. South Dakota Down Payment Assistance ProgramsThe South Dakota Housing Development Authority (SDHDA) offers down payment assistance via the Fixed Rate Plus loan. This can provide 3% or 5% of the purchase price to help with your down payment and closing costs. Fixed Rate Plus takes the form of a second mortgage with 0% interest and no monthly payments. The loan amount comes due when you sell the home or refinance. For more information, visit SDHDA’s website. And check HUD’s list of other homeownership assistance programs in the
state. Tennessee Down Payment Assistance ProgramsThe Tennessee Housing Development Agency’s Great Choice Home Loan offers up to $6,000 or 6% in down payment assistance in the form of a second mortgage loan.
You can use the funds from both loans towards closing costs and down payment. All borrowers must first register for the state’s homebuyer education course. For more details, go to the agency’s website. And read HUD’s list of other homeownership assistance programs in Tennessee. Texas Down Payment Assistance ProgramsThe Texas Homebuyer Program can help with all steps of the home buying process, including coming up with the cash for a down payment. Via My First Texas Home or My Choice Texas Home, buyers can receive down payment assistance of up to 5 percent. This takes the form of a low- or no-interest second mortgage that might be forgiven, depending on which program you qualify for. The Texas Home Buyer Program also offers mortgage credit certificates (MCCs) to veterans and first-time home buyers. These can provide a dollar-for-dollar reduction in your federal taxes. Find more details about the program here, or see HUD’s
list of other homeownership assistance programs in Texas. Utah Down Payment Assistance ProgramsThe Utah Housing Corporation (UHC) offers down payment assistance loans for repeat buyers as well as those purchasing for the first time. This PDF from UHC’s website lays out the details.
Learn more about these
loans at UHC’s website. And explore HUD’s list of other homeownership assistance programs in Utah. Vermont Down Payment Assistance ProgramsThe Vermont Housing Finance Agency (VHFA) ASSIST Second Mortgage is open only to first-time buyers. This can provide a loan of $10,000 or $15,000, depending on your income, with 0% interest and no monthly payments. The loan comes due when you sell the home. This down payment assistance must be paired with one of the VHFA’s home loan programs. You can learn more at the
VHFA’s website. And check out HUD’s list of other homeownership assistance programs in the state. Virginia Down Payment Assistance ProgramsThe Virginia Housing Development Authority has both a down payment grant and a closing cost assistance grant. The down payment grant can be used with FHA or conventional loans, while the closing cost grant can be used with USDA and VA loans. And both programs can be paired with a mortgage credit certificate (MCC) which reduces your federal tax bill. Find out more about these down payment assistance grants on
the VHDA website. And read HUD’s list of other homeownership assistance programs in the state. Washington Down Payment Assistance ProgramsThe Washington State Housing Finance Commission (WSHFC) has nine different down payment assistance programs. Help ranges from $10,000 or 4% of your mortgage balance, right to up to $55,000 for eligible buyers in Seattle. All these come in the form of a second mortgage. But you don’t have to repay that right away. It becomes due only “upon sale, transfer, non-occupancy or refinance” of the property. View the list of DPAs on WSHFC’s website and click through for details of each program. And consult HUD’s list of other homeownership assistance programs in the state. West Virginia Down Payment Assistance ProgramsThe West Virginia Housing Development Fund offers help with down payments and closing costs.
Discover more on the development fund’s website. And read HUD’s list of other homeownership assistance programs available in West
Virginia. Wisconsin Down Payment Assistance ProgramsThe Wisconsin Housing and Economic Development Authority (WHEDA) has a program called Capital Access that provides up to $3,050 toward your down payment and closing costs. This comes in the form of an interest-free second mortgage that falls due only when you finish paying your first mortgage, refinance, or move to a new home. So there are no monthly payments. Learn more at the WHEDA website. You should also check out the Easy Close down payment assistance program which can provide up to 6% of your primary loan amount as a 10-year fixed-rate loan that requires repayment. And you can check out HUD’s list of other programs in Wisconsin. Wyoming Down Payment Assistance ProgramsThe Wyoming Community Development Authority (WCDA) has two down payment assistance (DPA) programs. Both provide a loan of up to $10,000. You’ll need a FICO score of 620 or better, and must contribute at least $1,500 toward your purchase, though that may be a gift. The programs are:
Both programs work only in conjunction with specific primary mortgage loans from the WCDA. Find out more at WCDA’s website. And check out HUD’s list of other homeownership assistance programs in Wyoming. The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates. How do I qualify for firstA prospective homebuyer must:. Be a first-time homebuyer.. Complete a homebuyer education course taught by an HPD-approved counseling agency.. Have their own savings to contribute to the down payment or closing costs.. Meet program income eligibility requirements.. Is FHA for firstFHA Home Loans Are NOT Just for First-Time Home Buyers
Second-time home buyers who are financially qualified can apply for an FHA mortgage and get approved for the mortgage even though they are not first-time buyers, in financial need, etc.
Which loan is best for firstAn FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%.
How much do firstThe minimum FHA down payment requirement is 3.5%, but some programs, like My First Texas Home, may provide up to 5% of the total mortgage to help you cover it.
|