From first-time homebuyers, to veterans, to recent graduates, many states offer down payment assistance programs to help you buy a home. Let our specially trained team help you take advantage of these programs.
Down payment assistance programs are often run by government, nonprofit, or community organizations, and offer financial support to help prospective homebuyers cover the down payment on a home. A down payment is a sum of money, usually a percentage of the total cost, a buyer must provide to secure a home mortgage.
Down payment assistance is usually received through grants, low-interest or no-interest loans, and most programs are designed for first-time homebuyers. There are also down payment assistance options for veterans, recent graduates, and others.
As you work with your mortgage loan officer during the mortgage application process, they will help you identify down payment assistance programs you could qualify for and walk you through the application process of each program.
Home for Good is a mortgage offering created to meet the needs of applicants from historically under-resourced communities. It modifies eligible credit criteria, including expanded use of alternative credit, more debt evaluation flexibility, low down payment requirements, and higher debt-to-income limits, compared to traditional affordable lending programs. Plus, qualified customers can also receive closing cost assistance.
Colorado Housing Finance (CHFA)
Down payment options for down payment and closing costs assistance.
Illinois Housing Development (IHDA)
Illinois Housing offers financing options that can be used in conjunction with down payment assistance.
Indiana Housing and Community Development Authority (IHCDA)
IHCDA programs can provide up to 6% down payment assistance on a primary residence.
Michigan State Housing Development Agency (MSHDA)
As an MSHDA participating lender, MSHDA programs offer up to $10,000 down payment assistance to FHA borrowers.
MSHDA Programs
Michigan programs include “MI Home Loan” for first-time home buyers and second-time home buyers.
Minnesota Housing Finance Agency (MNHFA)
MNHFA’s “Start Up” program is for first-time homebuyers and the “Step-Up” program is for repeat homebuyers, both offering down payment and closing cost assistance.
Ohio Housing Finance Agency (OHFA)
As an OHFA participating lender, OHFA programs offer up to 3.5% down payment assistance and help you find a loan program that is right for you.
OHFA Programs
Ohio programs include “Grants for Grads” for recent graduates, “Ohio Heroes” for veterans, and several others.
West Virginia Housing Development Authority
With the “Movin’ Up” program, borrowers enjoy state-sponsored interest rate reductions and closing cost assistance.
Wisconsin Housing & Economic Development Authority (WVHDF)
WVHDF offers first-time homebuyer loans, down payment assistance, and mortgage tax credits to qualified homebuyers.
During a major purchase like a home or a car, a down payment is required to complete the transaction. The down payment is a sum of money the borrower pays up front and is usually a percentage of the total cost of the home or car.
The amount of money to use as a down payment for a home depends on your financial situation and the type of mortgage you’re applying for. Generally, down payments for a primary residence range from 3%–20% of the home’s price.
For some, a down payment of at least 20% can be advantageous because it allows for better interest rates and lower monthly mortgage payments. If you’re unsure how much you should put down on a home, try our down payment calculator.
Eligibility is typically based on income, credit score, and property location, but exact requirements vary based on the state you live in and the program you’re applying for.
Each down payment assistance program likely has its own timeline, requirements, and application. To learn more, try researching programs in your state and county. Our mortgage loan officers are also specially trained in down payment assistance programs and will work with you to find applicable programs.
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State Bond Down Payment Assistance programs have qualifications as determined by the sponsoring agency. See your Mortgage Loan Officer for more information, including qualifications and important rate, fee and other cost information. All loans are subject to terms and conditions.