Down Payment Assistance Programs
Down Payment Assistance
Our MLOs Will Help You Find the Down Payment Assistance Program That’s Right for You
Down payment assistance programs are designed to aid qualified borrowers who aren’t eligible for zero-down payment loans but may not have enough saved to cover their down payment. These programs are usually state sponsored, so programs and requirements vary by state.
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FAQ’s About Down Payment Assistance
Are Down Payment Assistance Programs Only for First-Time Homebuyers?
- 38% of Down Payment Assistance programs do NOT have a first-time homebuyer requirement. Additionally, some programs allow buyers to regain their first-time status if they meet certain criteria.
Is it Hard to Qualify for Down Payment Assistance Programs?
- Not at all. Many buyers find that they have options for assistance. Since there are so many programs and opportunities out there, it can be hard for buyers to identify the programs that are most applicable to them.
Will Receiving Down Payment Assistance Make Home Financing More Difficult?
- Applying for down payment assistance requires additional paperwork, but it is very similar to other home financing paperwork. Ensure your lender is knowledgeable about the Down Payment Assistance programs in your area and can work with you to simplify the process.
Can Down Payment Assistance Only Be Used to Purchase Inexpensive Homes?
- Many different types of homes can be eligible for Down Payment Assistance programs. Sales price limits can range from $200,000 to $900,000 across different programs.
Are DPA Programs Still Funded?
- Throughout the United States, hundreds of millions of dollars in assistance are available to homebuyers in the forms of DPA programs, grants, tax credits, and more.
Is Down Payment Assistance Only Compatible with FHA Loans?
- While DPA programs are commonly linked to FHA loans, there are programs that support other types of loans including VA, USDA, and some conventional as well.
Can Down Payment Assistance Dollars Be Forgiven?
- While many DPA programs utilize silent seconds, deferred loans, and second mortgages to assist homeowners, almost half of all DPAs are partially or fully forgivable.
Guardian Mortgage is committed to helping families in our communities attain affordable housing. Down payment assistance programs are usually state-sponsored and are designed to aid qualified borrowers who may not have enough for a down payment or who don't qualify for zero-down payment loans. Programs and requirements vary by state.
|State||Down Payment Assistance Program|
|Arizona||Arizona Down Payment Assistance(Opens in a new window)|
|Chenoa/CBC Mortgage||Chenoa Fund/CBC Mortgage Agency(Opens in a new window)|
|Colorado||Colorado Housing and Finance Authority(Opens in a new window)|
|California||California Housing Finance Agency(Opens in a new window)|
|Idaho||Idaho Housing and Finance Association|
|Kansas||Kansas Down Payment Assistance|
|Michigan||Michigan State Housing Development Authority(Opens in a new window)|
|New Mexico||New Mexico Mortgage Finance Authority(Opens in a new window)|
|Austin, TX||AHFC(Opens in a new window)|
|Washington||Washington State Housing Finance Commission|
Consult your Guardian Mortgage loan originator for details. Certain terms and restrictions apply. Program available only to qualified borrowers. Program subject to change without notice. Underwriting terms and conditions apply. Loan subject to credit review and approval.