Down Payment Assistance

Down Payment Assistance

A Comprehensive state by state guide

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A Comprehensive Guide to Down Payment Assistance by State

Purchasing a home is a significant financial investment and one of the biggest milestones in a person’s life. However, it can also be a daunting task, especially for first-time homebuyers who may not have the necessary funds for a down payment. Fortunately, there are various programs and resources available to help individuals and families with their down payment. In this article, we will provide a state-by-state guide to down payment assistance programs available to help make the home-buying process more accessible for all.

What is down payment assistance and who qualifies?

Down payment assistance (DPA) programs provide cash to help you meet your lender’s minimum down payment requirement.

There’s no single, national source of down payment assistance, but these programs exist at the state level throughout the U.S. Some cities and counties also offer down payment assistance programs.

Each program works a little differently, and eligibility requirements vary. Generally, most down payment assistance programs fall into two categories:

  • DPA Grants: You wouldn’t need to repay down payment assistance that comes in the form of a grant. Most grant programs have income caps, meaning only low- to moderate-income buyers are eligible. You may also need to complete a homebuyer education course, or a few financial counseling sessions, to qualify.
  • DPA Loans: Some programs offer DPA loans, which are often 0% interest, forgivable loans, provided you meet the stipulations in the loan contract. In many cases, the loans are forgivable if you live in the home for a certain period of time.

The amount of down payment assistance you can get – and whether you qualify – will depend on the programs available in your area.

“DPA programs are great for those that need them. These programs can make or break the ability for a first-time homebuyer to get into a home and start building equity,” said a branch sales manager with Fairway.

How do I find down payment assistance programs?

If you’re already looking for homes, you can ask your real estate agent, loan officer, or local Housing Authority office about down payment assistance programs in your area.
Or, you can Google “down payment assistance in (your town, county, or state).”
In the search engine results, you should see a few programs offered by your state or local governments. In many areas you’ll also come across nonprofits that provide grants or loans for homebuyers, in addition to the programs offered by state housing authorities.
Try to stick with websites that end in .gov or .org.
When you find the DPA programs in your area, read their fine print carefully to make sure you qualify before counting on the down payment assistance grant or loan.

First-time homebuyer down payment assistance

As you read about DPA programs, you may notice they tend to target first-time homebuyers.
But if you’ve owned a home in the past, don’t worry: You may still qualify for first-time homebuyer down payment assistance. Most DPA programs will consider you a first-time buyer if three years have passed since you last owned a home.
Programs that target first-time buyers are more likely to require a few homeownership counseling sessions or a class for new homeowners.
Not all programs are exclusive to first-time homebuyers, though.
“The biggest myth about down payment assistance programs is that you have to be a first time buyer,” said Jodalee Tevault, a senior mortgage consultant with Fairway. “That is not always the case.”

It’s worth checking with your state housing finance agency to find out what types of assistance are available, even if you’re not a first-time homebuyer. See below for a list of state housing finance agencies.

Can I use down payment assistance with any loan?

In most areas, you can find a down payment assistance program to work with conventional mortgages or with government-backed home loans, such as an FHA, VA, or a USDA loan.

If you use a conventional loan with 3% down or an FHA loan with 3.5% down, down payment assistance can help you cover that cost, plus your closing expenses. Even with a low down payment loan, you’re looking at thousands of dollars upfront. For instance, a 3.5% down payment on a $300,000 home is $10,500.

DPA can make it that much easier to purchase a home, and it can free up more cash that you’ll have on hand for repairs or updates you need to make upon moving into the home.

If you qualify for a USDA or VA loan, you may be eligible to buy a house with no down payment**. Still, USDA and VA borrowers can often get lower interest rates by making a down payment, and there are DPA programs in many areas that work with both these loan types. You may also be able to use this assistance to cover your closing costs.

But DPA isn’t always the right choice, even if you’re eligible for it.

“The programs often come at a premium. Many have a slightly higher interest rate than market averages and additional origination fees,” Pessolano explained. “Use them if you need them, but it is most likely a better long-term strategy if you can bring your own down payment from your own funds or from gift funds.”

Your loan officer can help you determine whether you qualify for down payment assistance, and when it’s the right choice to use it.

“The biggest myth about down payment assistance programs is that you have to be a first time buyer.”

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Down payment assistance programs by each state

This state-by-state guide to down payment assistance programs can help locate the DPA program you need. Keep in mind that programs and requirements can change without notice. Always verify your eligibility with the appropriate housing authority before making an offer on a home.

Alabama

Alabama Housing Finance Authority
Phone number: 800-325-2432
Alabama homebuyers can start their search for down payment assistance with the Alabama Housing Finance Authority.
They may also qualify for down payment assistance for FHA and conventional loans through the state’s Step Up program.
This program works by adding a 10-year loan to the borrower’s 30-year fixed rate mortgage. Homeowners make payments on both loans simultaneously with one payment. Participating private lenders in the state-run Step Up program.
Participants need higher credit scores than borrowers who bring their own down payment cash. FHA borrowers need a FICO score of 640; conventional borrowers will need a 680. And assistance is limited to those who earn $130,600 a year or less.

Alaska

Alaska Housing Finance Corporation
Phone number: 800-478-2432
Alaska homebuyers can start their search for down payment assistance with the Alaska Housing Finance Corporation, the state’s housing finance agency.
Homebuyers in Alaska can also find down payment assistance from a network of non-profit organizations.
For example, for first-time buyers in the Anchorage area, NeighborWorks Alaska offers down payment assistance loans ranging from $1,500 to $50,000. The program requires buyers to provide at least 2% of the home’s purchase price from their own funds.
You can see a full list of regional DPA providers in Alaska here.

Arizona

Arizona Industrial Development Authority
Phone number: 602-319-9620
The Arizona Industrial Development Authority’s HOME Plus Down Payment Assistance program helps VA, USDA, and FHA-loan borrowers across the state who earn less than $112,785 and complete a homebuyer education course.
The program can also offer conventional loan down payment assistance, but income limits for this program vary by county, and they’re lower than the limits for government-backed borrowers.
HOME Plus is a form of forgivable down payment assistance. If you keep the home loan for at least three years, you’ll never have to repay the loan. If you sell or refinance before three years pass, you’ll need to pay off a portion of the loan’s balance.

Arkansas

Arkansas Development Finance Authority
Phone number: 501-682-5900
Arkansas home shoppers have two statewide down payment assistance options, depending on their income level:

  • Arkansas Dream Down Payment Initiative: Low-income borrowers can get this forgivable loan worth up to 10% of their home’s purchase price up to $10,000. The loan will be completely forgiven after five years of homeownership.
  • Arkansas Move Up Down Payment Assistance: Moderate-income borrowers can get $10,000 to use toward their down payment and closing costs through a 10-year loan that’s repaid at the same interest rate as the primary mortgage.

Both programs set income limits and maximum home purchase price limits for borrowers.

California

California Housing Finance Agency
Phone number: 877-922-5432
California has a robust set of DPA programs. Contact the California HFA for assistance with finding one that’s right for you.

Colorado

Colorado Housing and Finance Authority
Phone number: 800-877-2432
Homebuyers in the Centennial State who need down payment help have a lot of choices.
In addition to programs from the Colorado Housing and Finance Authority, the Colorado Housing Assistance Corporation extends down payment assistance loans to low- and moderate-income first-time homebuyers.
But the state also has a wide variety of county and city-specific down payment assistance programs.
For example, buyers in Otero, Brent, and Crowley counties in rural, southeastern Colorado can get help from a nonprofit called Total Concept. In the city of Aurora, the municipal government runs a DPA program. In Pueblo, the NeighborWorks program can help.

Connecticut

Connecticut Housing Finance Authority
Phone number: 860-721-9501
The Connecticut Housing Finance Authority operates a statewide down payment assistance loan program.
Borrowers must bring at least $1,000 of their own money to the table. The DPA loan can provide up to $20,000 which could also be used toward closing costs. These loans charge low interest rates.
Additionally, a lot of cities and counties in Connecticut have their own assistance programs. Stamford residents, for example, can get help through the Housing Development Fund, Inc. Since its founding in 1989, this nonprofit has extended its service beyond Stamford to other Connecticut cities as well as nearby New York City.

Delaware

Delaware State Housing Authority
Phone number: 888-363-8808

The Delaware Housing Authority provides Preferred Plus Assistance, a no-interest loan in the form of a second mortgage in the amount of 2% to 5%. The loan is repayable when the home is sold, refinanced, or transferred. Borrowers need a minimum credit score of 620. Those with a credit score below 660 must participate in housing counseling. The maximum household income for 1 to 2 people is $113,420 in New Castle County and $99,600 in Kent County and Sussex County.

Florida

Florida Housing Finance Corporation
Phone number: 850-488-4197

The Florida Housing Finance Corporation has a down payment assistance program, the Florida Assist (FL Assist), that provides up to $10,000 in down payment assistance on FHA, VA, USDA, or conventional loans. The deferred second mortgage has a 0% interest rate.

There is also the Florida Homeownership Loan Program Second Mortgage (FL HLP) that provides $10,000 at a 3% rate payable over 15 years in monthly payments.

The minimum credit score for both programs is 640, and borrowers must complete a homebuyer education course.

Georgia

Georgia Department of Community Affairs
Phone number: 800-436-7442

The Georgia Dream Homeownership Program provides qualified borrowers with a down payment loan of $5,000. Public protectors, healthcare providers, educators, active military members, and borrowers with a family member who has a disability may qualify for $7,500. Homebuyer counseling is required, and borrowers must also contribute at least $1,000 toward the home’s purchase.

Hawaii

Hawaii homebuyers have a statewide option for down payment assistance – but only if they get their primary mortgage through the Hawaii Home Ownership Center, a nonprofit mortgage broker.
The HHOC requires a 5% down payment, but low- to moderate-income buyers can qualify for a second loan to help cover this cost, up to $10,000.
Elsewhere in Hawaii, some counties and cities such as Honolulu and Maui have their own DPA programs.

Idaho

Idaho Housing and Finance Association
Phone number: 855-505-4700

The Idaho Housing and Finance Association offers a second mortgage for homebuyers that can be used for down payment assistance and closing costs of up to 10% of the sales price of the home. In order to qualify for the second mortgage, you must work with one of Idaho’s lending partners. The assistance is offered either as a second mortgage or a forgivable loan. The second mortgage has a fixed interest rate of 7%, payable over 15 years. The forgivable loan has a 0% interest rate and is forgiven over time. However, the interest rate on your first mortgage will increase based on the amount of down payment assistance you received. The minimum credit score requirement is 620. Borrowers must successfully complete an approved homebuyer education course and contribute a minimum of 0.5% of the home’s sale price.

Illinois

Illinois Housing Development Authority
Phone number: 312-836-5200

The Illinois Housing Development Authority provides several down payment assistance options for first-time homebuyers.

  • The Access Forgivable loan is 4% of the purchase price up to $6,000. Borrowers don’t have to pay it back if they live in the home for 10 years.
  • The Access Deferred loan is 5% of the purchase price, up to $7,500. Repayment is required once the first mortgage matures or when the home is refinanced or sold.
  • The Access Repayable Loan provides 10% of the purchase price, up to $10,000. Borrowers will be required to pay the loan back over the course of 10 years, but there’s 0% interest.

Indiana

Indiana Housing & Community Development Authority
Phone number: 317-489-4220

The Indiana Housing and Community Development Authority has a First Place (FP) program that provides down payment assistance of up to 6% for first-time homebuyers. The percentage is based on the lesser of the home’s purchase price or its appraised value. Borrowers must use an FHA 30-year fixed loan. The minimum credit score requirement is 640 with a debt-to-income (DTI) ratio of less than 45%, or a minimum credit score of 680 if their DTI is greater than 45% but less than 50%. The state’s Next Home (NH) program also offers down payment assistance of 3.5% of the purchase price or the appraised value. The credit score and income requirements mirror the First Place Program, but borrowers don’t have to be first-time homebuyers.

Iowa

Iowa Finance Authority
Phone number: 800-432-7230

Iowans can take advantage of the FirstHome program, which offers two options. Borrowers can either apply for a $2,500 grant to assist with their down payment or apply for a 2nd Loan program loan that will provide the lesser of $5,000 or 5% of the home’s sale price. The maximum income limit ranges from $79,500 to $99,700 for either option, depending on the county. The minimum credit score is 640, and the maximum DTI is 45%.

Kansas

Kansas Housing Assistance Program
Phone number: 720-673-3947
The Kansas Housing Assistance Program offers up to 5% of a new home’s purchase price through a down payment assistance grant. You’d need a credit score of 640 to apply.
You’d also need to earn within the program’s income limits which vary by county. In most areas the limit is an annual income of $108,360.
For USDA and VA loans – which don’t require down payments – your grant wouldn’t exceed 3% of the home’s purchase price. FHA and conventional loan borrowers could get a 5% grant. On a $300,000 home, 5% equals $15,000.

Kentucky

Kentucky Housing Corporation
Phone number: 502-564-7630

Low- to moderate-income homebuyers in Kentucky can obtain a partially forgivable loan of no more than 20% of the purchase price through the Louisville-Metro Down Payment Assistance Program. Half of the loan amount will be forgiven at the end of five to 15 years, depending on the assistance. The other 50% isn’t due for repayment until the home is sold. Borrowers must purchase a home in the Louisville-Metro area and complete a HUD-approved homebuyer counseling course.

Louisiana

Louisiana Housing Corporation
Phone number: 225-763-8700

Homebuyers in Louisiana with an average at or below 80% of median income for their area can apply for the Mortgage Revenue Bond Assisted Program. This loan provides money for down payments between 5% to 9% of the loan amount. Borrowers must have a minimum credit score of 640. Income limits vary depending on the area. The home’s purchase price cannot exceed $271,164.

Maine

Maine State Housing Authority
Phone number: 207-626-4600

The Maine State Housing Authority’s Advantage program provides $5,000 toward down payment and closing cost assistance for first-time homebuyers. Borrowers must contribute 1% toward the home’s cost, and they must also complete a homebuyer education class. The minimum credit score requirement is 640.

Maryland

Maryland Mortgage Program
Phone number: 301-429-7852
The Maryland Mortgage Program offers home financing that includes down payment assistance.
You could get up to $5,000 in assistance as a silent second mortgage requiring no payments throughout the life of your first mortgage. When you move, sell, or refinance, you’d have to repay the $5,000.
Maryland also offers down payment assistance grants up to 4% of a home’s purchase price.
All of the state’s DPA programs work in partnership with state-approved private lenders. You’d need to apply for a primary mortgage from one of these lenders to see if you’re eligible for down payment assistance.

Massachusetts

MassHousing
Phone number:  617-854-1000

The Mass Housing Down Payment Assistance program can provide up to $50,000 in down payment help for borrowers in Boston or one of the Gateway cities: Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, FraminghamHaverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

Borrowers in other cities can receive up to $30,000 in down payment assistance. The loan amount can’t exceed 10% of the home’s purchase price, regardless of its location.

Michigan

Michigan State Housing Development Authority
Phone number: 517-335-9885

Borrowers can take advantage of the MI DPA Loan in Michigan. It provides down payment assistance to first-time homebuyers up to $7,500. Borrowers in some zip codes are eligible for up to $10,000 in down payment assistance. All borrowers must complete a homebuyer education class. The home cannot cost more than $224,500. Household income limits can vary.

Minnesota

Minnesota Housing Finance Agency
Phone number: 651-296-7608

Borrowers in Minnesota can apply for a down payment loan that provides up to $17,000 at the same rate as the mortgage and is repayable over 10 years. The deferred payment loan amount is up to $12,500. There’s no interest on this loan, and there are no monthly payments. A balloon payment is due at the end of the mortgage term. The deferred payment loan Plus is available for up to $15,000. It doesn’t have an interest rate or monthly payments, but there’s a balloon payment at the end. Income limits apply.

Mississippi

Mississippi Home Corporation
Phone number: 601-718-4636

The Smart 6 Second program helps Mississippi homebuyers by providing a $6,000 interest-free down payment second loan. Borrowers must have a credit score of at least 640 for an FHA, Freddie Mac, USDA, or VA loan, and their household income can’t exceed $110,000.

Missouri

Missouri Housing Development Commission
Phone number: 800-246-7973

Missouri’s First Place Homebuyer Program provides a Cash Assistance Loan that’s 4% of the loan amount to help with down payment and closing costs. The loan is forgiven if borrowers remain in the home for 10 years. The maximum purchase amount is $349,525 for a single-family home in non-target areas and $427,198 in target areas. Income limits vary.

Montana

Montana Housing
Phone number: 406-841-2840

Buyers in Montana can qualify for the Bond Advantage Down Payment Assistance Program, which provides down payment assistance of up to 5% of the home’s sale price up to $12,500. The loan’s rate is the same as that of the first mortgage. Alternately, the MBOH (Montana Board of Housing) Plus 0% Deferred Down Payment Assistance Program provides up to 5% of the home’s sale price, up to $10,000, and has no interest and no monthly payments. Both options require a minimum credit score of 620. Borrowers must provide at least $1,000 of their own money to help purchase the home, as well as complete a homebuyer education course.

Nebraska

Nebraska Investment Finance Authority
Phone number: 402-434-3900

The Nebraska Investment Finance Authority offers a Homebuyer Assistance Program of up to 5% of the home’s purchase price, up to $10,000, at an interest rate of 1% for a term of 10 years. Borrowers must provide at least $1,000 of their own funds.

Nevada

Nevada Housing Division
Phone number: See contact information for different areas here

The Home Is Possible Program provides borrowers in Nevada with up to 5% of the home’s mortgage to use for the down payment. The 30-year loan is offered at a competitive rate. Borrowers must not have more than $105,000 in income for an FHA, VA, or USDA loan. Income limits for conventional loans differ. Consult with a loan officer for this information. Borrowers must have a minimum credit score of 640, and the home should not cost more than $647,200. Borrowers will also have to pay a one-time fee at closing of $755.

New Hampshire

New Hampshire Housing
Phone number: 603-472-8623

The Our Home Flex Plus program provides up to 4% of the home’s loan amount in assistance for down payments and closing costs to those with FHA, VA, or RD loans. The loan is forgiven in four years if the borrower doesn’t sell or refinance the home or file for bankruptcy. The borrower must complete a homebuyer education course and must not have an income that exceeds $137,400. A Home Preferred Plus program is also available for borrowers with incomes up to 80% Area Median Income (AMI).

New Jersey

New Jersey Housing and Mortgage Finance Agency
Phone number: 1-800-NJ-HOUSE
Garden State homebuyers can get forgivable loans worth up to $10,000 to use as down payment assistance.
This program works only if you pair your down payment assistance loan with a 30-year fixed-rate mortgage through the state Housing and Mortgage Finance Agency.
This 0% interest DPA loan will be fully forgiven when homeowners keep their primary mortgage loan for the full five years.

New Mexico

New Mexico Mortgage Finance Authority
Phone number: 505-843-6880

The New Mexico Mortgage Finance Authority offers a FIRSTDown program that provides up to $8,000 to assist with down payment and closing costs. This fixed-rate second mortgage is available for first-time homebuyers who are purchasing a home using the state’s FirstHome program. Income limits vary by county. Borrowers must have a minimum credit score of 620. They must contribute $500 toward the purchase of the home and complete homebuyer counseling.

New York

State of New York Mortgage Agency
New York City Housing Authority
Phone number: 212-NEW-YORK

New Yorkers can take advantage of a Down Payment Assistance Loan. The loan amount is $3,000 or 3% of the purchase price with a ceiling of $15,000. The loan has no interest rate, and there are no monthly payments. The loan is forgiven after 10 years. Information about home price maximums, income limits, or credit score requirements can be obtained from a participating lender.

North Carolina

North Carolina Housing Finance Agency
Phone number: 919-877-5700

Qualified borrowers in North Carolina can apply for the 1st Home Advantage Down Payment, a loan of up to $8,000 at 0% interest intended for first-time homebuyers and military veterans. At the end of the 11th year, 20% of the loan amount is forgiven. The loan is completely forgiven by the end of the 15th year. Borrowers must have a credit score of at least 640. They must meet income limits and sales price limits.

North Dakota

North Dakota Housing Finance Agency
Phone number: 701-328-8080

Borrowers in North Dakota can obtain down payment assistance in the form of a loan for 3% of the home’s mortgage amount. Applicants must meet income limits depending on which county they live in. They must complete a homebuyer education course prior to closing.

Ohio

Ohio Housing Finance Agency
Phone number: 614-466-7970

The Ohio Housing Finance Agency offers a Your Choice! Down Payment Assistance program that provides a loan between 2.5% and 5% of the home’s purchase price. The loan is forgiven if the borrower remains in the home for seven years. The minimum credit score is 650 for an FHA loan or 640 for a conventional, USDA, or VA loan. Borrowers must also meet limits for income and home purchase amounts and complete a homebuyer education course.

Oklahoma

Oklahoma Housing Finance Agency
Phone number: 405-848-1144

Qualified homebuyers in Oklahoma can apply for the OHFA Homebuyer Down Payment Assistance program. The assistance can be applied to 30-year, fixed-rate, FHA, USDA-RD, VA, or conventional loans. Purchase price and income limits vary. Contact a participating lender for more information.

Oregon

Oregon Housing and Community Services
Phone number: 503-986-2000

Oregonians may be eligible to receive down payment assistance from a participating organization chosen to facilitate the state’s down payment assistance programs. Borrowers must complete homebuyer education and the recommended coaching from the organization. A list of participating agencies is included on the state’s website.

Pennsylvania

Pennsylvania Housing Finance Agency
Phone number: 855-827-3466

Borrowers in Pennsylvania can get up to $10,000 in down payment assistance with a second loan at 0% interest, and 20% of the HOMEstead Down Payment Assistance Loan is forgiven each year for up to five years. Income cannot exceed certain limits. The state also offers a Keystone Advantage Assistance Loan Program that provides funding for up to 4% of the home’s purchase price, up to $6,000. The program requires a minimum credit score of ​​660. A borrower’s liquid assets can’t exceed $50,000 after deducting the funds needed to close on the loan.

Rhode Island

RIHousing
Phone number: 401-457-1234

Rhode Island Housing’s Extra Assistance program provides the lesser of $15,000 or 6% of the home’s purchase price to first-time homeowners who receive a RIHousing first mortgage. Borrowers must have a credit score of at least 620 and complete a homebuyer education course.

South Carolina

SC Housing
Phone number: 803-896-2211
South Carolina’s SC Housing program offers down payment assistance loans attached to its primary, 30-year fixed rate mortgage loans.
Only first-time buyers can qualify except in targeted counties where the program is open to any non-homeowners.
Low-income borrowers get DPA loan forgiveness after 10 years, assuming they stay in the loan throughout the decade. Moderate-income borrowers must wait 20 years for loan forgiveness. These DPA loans require no interest or payments.

South Dakota

South Dakota Housing Development Authority
Phone number: 605-773-3181

South Dakota borrowers can get a Fixed Rate Plus loan in the amount of 3% or 5% to help with their down payment. There are no fees or interest and no monthly payments. Payment is due when the home is sold or when the first mortgage is paid off. Borrowers can contact approved lenders for more information.

Tennessee

Tennessee Housing Development Agency
Phone number: 615-815-2200

Tennessee’s Great Choice Plus second loan can help with the down payment for borrowers with a Great Choice Home Loan Assistance. This loan offers a deferred or amortizing option to assist with down payment and closing costs. The deferred option provides a $6,000 interest-free loan that is forgivable after 30 years as long as the home is not refinanced or sold. The amortizing option provides a 30-year second mortgage loan for 6% of the purchase price that is serviced by monthly payments at an interest rate equal to the first mortgage. Borrowers must also complete a homebuyer education course. The minimum credit score requirement is 640, and household income and purchase price limits vary by county.

Texas

Texas State Affordable Housing Corporation
Phone number: 877-508-4611
Texas Department of Housing & Community Affairs
Phone number: 800-792-1119

Texans can take advantage of the Home Sweet Texas Home Loan Program, which provides down payment assistance up to 5% of the total loan amount. The down payment assistance takes the form of a grant or a deferred second lien, which is forgiven after three years. A minimum credit score of 620 is required.

Utah

Utah Housing Corporation
Phone number: 801-902-8200

Utah buyers can get down payment assistance of up to 6% of the first loan amount with a FirstHome Loan (for first-time homebuyers) or a HomeAgain Loan (for previous homebuyers and first-time buyers). A Score Loan offers up to 4% of the first loan that can be used toward the down payment or closing costs. The interest rate on each of these is 2% higher than the first loan’s interest rate. The minimum credit score range is 660 for a FirstHome Loan or HomeAgain Loan. It’s 620 for a Score Loan. Homebuyer education isn’t required, but it’s recommended for the FirstHome and Home Again loans. Score Loan recipients must successfully complete a course regardless of past homeownership. Income and purchase price limits apply.

Vermont

Vermont Housing Finance Agency
Phone number: 802-864-5743

The Vermont Housing Finance Agency offers VHFA ASSIST. The program can provide $10,000 or $15,000 based on income that can be used toward the down payment or closing costs. There’s no interest on this loan, and there are no monthly payments. The money is payable when the mortgage is paid in full, sold, or refinanced. Liquid and non-retirement combined assets of the borrower and non-borrowing spouse or partner cannot exceed $30,000. Income and purchase price limits vary by county.

Virginia

Virginia Housing
Phone number: 804-782-1986

Virginia residents can get a down payment assistance grant up to 2.5% of their home’s purchase price. The grant is available only alongside a primary mortgage loan obtained through Virginia Housing, a state agency. Virginians can also get a second mortgage loan through the housing agency to cover the down payment required on a conventional or FHA loan.
Both programs require homebuyer education courses, and income limits apply.

Washington

Washington State Housing Finance Commission
Phone number: 206-464-7139

The Washington State Housing Finance Commission provides down payment assistance to homebuyers who get a Home Advantage or Opportunity Loan. The typical homeowner gets $10,000 in assistance. The interest rate can range from 0% to 4%, depending on the program. The loan is deferred, so it’s not payable until the home is paid off, sold, or refinanced. The minimum credit score required is 620, and the household income limit is $160,000.

Washington, D.C.

District of Columbia Housing Finance Agency
Phone number: 202-777-1600

West Virginia

West Virginia Housing Development Fund
Phone number: 304-391-8600
The West Virginia Housing Development Fund will authorize up to $10,000 for down payment assistance when homebuyers use one of the development fund’s two mortgage programs.
If you’re a first-time homebuyer, you could borrow money for a down payment (and closing costs) at a fixed rate for 15 years. The loan does require monthly payments alongside payments for your primary mortgage loan.
The development fund doesn’t publish its income requirements; you’d need to apply with a private lender to see how much assistance you could borrow.

Wisconsin

Wisconsin Housing and Economic Development Authority
Phone number: 608-266-7884

The Wisconsin Housing and Economic Development Authority provides two down payment assistance programs.

  • WHEDA Easy Close DPA provides up to 6% of the purchase price for those with a WHEDA conventional first mortgage loan. This 10-year, fixed mortgage carries the same interest rate as the first mortgage.
  • WHEDA Capital Access DPA loans provide up to 3% or $3,050 of the WHEGA conventional loan amount, whichever is greater. This 30-year mortgage with a 0% interest rate has no monthly payments. The balloon payment is due when the borrower pays off the first mortgage, refinances, or sells the home.

Wyoming

Wyoming Community Development Authority
Phone number: 307-265-0603

The Wyoming Community Development Authority (WCDA) has the Home$tretch Down Payment Assistance program, which offers a 0% interest rate and 0.080% APR based on a $5,500 average loan amount in conjunction with a WCDA first mortgage. There’s no monthly payment, and the balloon payment is due at the end of the mortgage or when the home is sold or refinanced. It requires a 620 minimum credit score, and the borrower must also contribute $1,500 toward the home’s purchase.

Other down payment assistance programs
American citizens who aren’t residents of one of the 50 states can also find down payment assistance programs:

  • In the U.S. Virgin Islands: If you’ve lived in St. Thomas, St. Croix, or St. John for at least three years you can apply for a down payment assistance loan through the VI Housing Finance Authority
  • In Puerto Rico: First-time homebuyers whose households earn less than 120% of the median income can apply for down payment assistance through Puerto Rico’s Homebuyer Assistance Program.

Combine DPA with low down payment loans
You may be able to finance 100% of the upfront costs on your home (down payment and closing costs) with down payment assistance money –  if you’re getting a mortgage that requires a low down payment.

Options may include:
FHA Loans: 3.5% down payment
Mortgages insured by the Federal Housing Administration require at least 3.5% down for borrowers with credit scores of 580 or higher.

USDA and VA loans: 0% down payment
Few primary mortgage loans will finance 100% of your home’s purchase price, but VA and USDA loans fall within this category.
Only military servicemembers, veterans, and some surviving military spouses can get a VA loan. USDA loans are available to qualified low- to moderate-income homebuyers in rural and some suburban areas.
Many DPA programs still work with USDA and VA loans. Even though these loans don’t require money down, making a down payment may improve your interest rate and overall costs on the loan.

Conventional loans: 3% down
Conventional loans are not insured by a federal agency such as the FHA, USDA, or VA. But you can still find conventional loans that require as little as 3% down.
Ask your lender about a HomePossible, HomeReady, HomeOne or Conventional 97, all of which require only 3% down. Many DPA programs offer enough help to cover a 3% down payment, depending on the price of the home.

Connect with a mortgage broker in your community.

A mortgage broker can be your trusted guide close to home. They can really get to know you and tailor loan options to meet your needs.

Knowledge is power.

Use our resource center to learn more about refinancing, like when a good time to refinance is, how you can get cash out of your home, and other intelligent mortgage moves.

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