One of the biggest myths in real estate is that you need 20% down to buy a home. In reality, many buyers purchase with far less and some qualify for down payment assistance (DPA) that covers a portion of the initial cash needed to get into a home. For qualifying buyers, these programs can turn “someday” into “soon” by closing the gap between savings and what’s required at closing.
DPA can come in several forms, including grants, forgivable loans, deferred payment loans, or low-interest second mortgages that sit behind your main mortgage. Most programs are offered at the state, county, or city level and target specific income ranges, purchase price limits, and occupancy requirements. It’s important to understand any strings attached, such as how long you must live in the property for the assistance to be forgiven or what happens if you sell or refinance. When combined with low‑down‑payment loans, down payment assistance can significantly reduce your upfront costs. We work with lenders who understand how these programs work and can structure your loan so the assistance truly benefits you in the long run.
Curious whether you qualify for down payment assistance in your area? Let’s talk, book a short call with us and we’ll check available programs and run the numbers for you.