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Frequently Asked Questions
How Does Down Payment Assistance Work?
Down payment assistance comes in the form of grants, loans and other programs. It’s typically reserved only for borrowers who qualify as first-time home buyers. Down payment assistance programs can be run by a variety of organizations, including the U.S. Department of Housing and Urban Development (HUD), your local or state housing authority or a nonprofit.
Who Qualifies As A First-Time Home Buyer?
Most government and charity programs have strict definitions for who qualifies as a first-time home buyer.
If you haven’t had any kind of homeownership in the last 3 years, most state, federal, local government and nonprofit programs consider you a first-time home buyer, even if you owned a home before that 3-year period.
You however can’t own any form of rental or investment property to be considered a first time home buyer, even if you don’t live in the property.
How can I apply for down payment assistance?
First fill out the survey above, then schedule a time to speak to a real estate professional on the next page!
What do I need to qualify for down payment assistance?
The two most common requirements you need to meet are a minimum credit score of 620 and an income limit that meets the program’s requirements. Many programs also consider your debt-to-income ratio (DTI).Other common requirements vary by program
