Down Payment Assistance Programs (DPAs) are designed to help homebuyers who may not have enough money saved for a down payment. These programs offer financial assistance in the form of grants or loans that can be used towards a down payment and/or closing costs. The requirements and availability of DPAs vary by program and location. DPAs can be a great option for those who want to become homeowners but are struggling to save enough money for a down payment.
What Is A DPA Program?
The Benefits of DPA Programs
- Eases the burden of upfront down payment costs
- Helps buyers achieve homeownership sooner than otherwise
- Increases purchasing power
- Reduces mortgage insurance premiums (in some cases)
- Potential for low or zero interest rates (in some cases)
- Some may be forgiven (no requirement to pay back)
Who Should Consider a DPA Program?
- First-time homebuyers
- Low to moderate-income earners
- Those struggling to save for a down payment
- Be a first-time homebuyer (most cases)
- Meet income requirements
- Complete homebuyer education courses
- Contribute a minimum amount of personal funds towards the purchase
Want to learn more about DPA Programs? We're happy to help!