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Down Payment Assistance Programs

Down payment assistance programs allow first-time home buyers to stop renting and start owning without saving for large, 20% down payments.

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What is Down Payment Assistance?

A down payment is generally equal to a percentage of your home’s final price, which must be put down when you buy a home. This amount usually varies with different kinds of mortgage programs. Down payment assistance programs are designed to help first-time home buyers cover their down payment. These programs work in various ways, but the common denominator is that they provide the money you use to purchase your home directly. Down payment assistance can make buying your first home much less complicated – often by providing just enough cash to get started.

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How does Down Payment Assistance work?

Down payment assistance programs is a valuable resource that helps first-time home buyers purchase their dream homes with little or no money or down payment. They provide financial help through grants, tax credits, or low-interest subsidies that can make the down payment process more affordable.

Most DPA programs, though, are administered by state and local governments, private entities, and charitable organizations. In addition, non-federal programs may require buyers to use specific mortgage loan types, such as FHA loans.

Who can get Down Payment Assistance?

Most down payment assistance programs are geared toward first-time home buyers. However, according to Down Payment Resource, 38% of homeownership programs are open to repeat buyers. These programs can offer assistance with either the down payment or closing cost associated with purchasing a home.


Buying a home can be an overwhelming process with several steps. From financing to negotiating to closing, there are a lot of moving pieces that can leave homebuyers bewildered. But, like any big project, a successful home-buying experience involves getting the details right from start to finish. Preparing yourself for a big purchase, budgeting, research, etc., are essential to getting you your dream home.

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