Huge numbers of Americans who want to be homeowners are currently saving for a down payment, but they know little about lenders' down payment requirements. And too few have even heard of down payment assistance programs.
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Renter to homeowner in a flash -- if you know about DPA
Yet down payment assistance (DPA) programs can be dream savers, as they may provide some or all the down payment and/or closing costs needed to buy a home. Sometimes, DPA is an outright grant you never have to repay. More commonly, it's some form of loan -- often one with low or even no interest, and sometimes even no required payments at all.
In many cases, you only have to repay this loan when you sell the home. Or the provider might forgive the loan once you have lived in the home for a certain number of years. For instance, the Good Neighbor Next Door program from HUD -- available in "revitalization areas" to law enforcement, teachers, firefighters or emergency responders -- drops its loan once you've lived in the home for three years.
Many could qualify for DPA, few apply
And there's a good chance you could qualify. In a 2018 update to the report Barriers to Accessing Homeownership, the Urban Institute reckoned between 22% and 51% of people in the metropolitan statistical areas it studied would be eligible. And these consumers could receive between $2,000 and $39,000 each.
When ignorance isn't bliss
Not knowing about these helpful programs forces aspiring homeowners to save much longer and much harder than necessary. In recent years, home prices have risen faster than incomes, making it harder for potential buyers to keep pace. And when they come, low mortgage rates tend not to stick around for long. At least as a partial offset to these issues, there are thousands of down payment assistance programs across the country just waiting to help wannabe homebuyers achieve their ambitions.
Related: You Don't Need 20% Down to Buy a House
What would-be homeowners really, really need to know about DPA
At the end of 2017, the Urban Institute explored gaps in the knowledge of those who'd like to be homeowners. You're an optimist if you think things have changed much since then.
Here are some of the findings from a survey included in the report:
- More than half (53%) of those currently renting said saving for a down payment is an obstacle to their homeownership
- About 80% of respondents were either unaware of how much lenders require for a down payment or believed down payments must be above 5% of the purchase price
- Some 15% think lenders require a 10% down payment
- A whopping 30% percent believe lenders expect a 20% down payment
But they're flat-out wrong about those last two. Down payments of 3%-3.5% are commonplace. And those who are eligible for loans guaranteed by the Department of Veterans Affairs (VA loans) or the Department of Agriculture (USDA loans) need no down payment at all.
And with DPA, buyers may need less than 3% and may get help with closing costs as well. You don't know unless you ask.
How down payment assistance (DPA) works
It's worth noting that the agencies, charities and local governments that sponsor these programs fund them annually. That means they can be flush with cash at the start of each fiscal year but run out before the end. The federal government fiscal year runs from October 1 until September 30. So you have a better shot at that money in the fall than you do late summer.
But program fiscal years are not all the same, and not all budget annually. With thousands of down payment assistance programs nationwide, operating in virtually every community, you may have several choices. Nearly all programs are local and independent of each other. Many are run by state, city or local governments and others by not-for-profit organizations and charities.
Finding DPA programs
The sheer number or organizations and programs means there's no standard set of rules for how down payment assistance works. That makes them harder to find and understand. You may qualify under one program but not another. And you might get an outright grant (effectively a gift) from one but a low- or zero-interest loan from another.
This guide shows you what's available in your area as of this writing.
Approved lenders
When you accept down payment assistance, you'll borrow from a lender that participates in the program. And those approved lenders generally offer a wide range of mortgages, including ones backed by the government (VA, USDA or FHA loans) or that comply with Fannie Mae and Freddie Mac's rules.
So once you know what program you want, you may be able to shop among several lenders approved to fund a loan through your program.
Closing costs
Some assistance programs explicitly allow you to use the funds they provide for closing costs. Others may not.
Some programs require a minimum contribution from you when you use them to buy a home. That's because the lender and agency has less risk when the buyer has some of his or her own money tied up in the purchase.
Related: Eight Ways to Save on Closing Costs
How to qualify for down payment assistance
Eligibility criteria can vary wildly between different programs. So, if you don't qualify for one that covers your area, it's worth hunting further to see if there's one that will help you.
Some programs specialize in helping select groups. So it's possible you may get to the front of the line if you're a veteran/current servicemember, or a firefighter, or work in education, health care or law enforcement. Many others prioritize applicants on average or lower incomes. But anyone with a mortgage preapproval letter can apply.
Many programs insist you take a homebuyer education course before they'll give you any money. You may be able to complete your course online. This is an important step, and understanding homeownership increases your chance of success.
One requirement for a majority of programs (but not nearly four in 10 of them) is that you be a first-time buyer. But don't panic...
Related: How Does First-time Homebuyer Counseling or Education Work?
You can be a first-time home buyer more than once
It's true. You may never forget your first time buying a home, but you can be a "first-time" homebuyer more than once.
The U.S. Department of Housing and Urban Development (HUD) counts you as a first-time buyer if you haven't owned a home in the last three years. To be clear, HUD's website says:
"An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers)."
There's no law to say everyone must adopt HUD's definition, but many programs do. So if you or your spouse haven't had an ownership interest in a primary home over the last three years, carry on and apply for programs for first-time buyers. Obviously, your spousal qualification will only work if you're buying the home jointly with him or her.
The home needs to qualify, too
When you apply to a program, the home you wish to purchase is also a factor. In general, the home you buy can't be expensive for the area. Program definitions and limits vary, Some programs as available for single-family homes, condos and townhomes; others may include manufactured housing or even co-ops. Some programs have maximum home price limits, but may have higher or lower limits in targeted areas of a state or region within a state.
Home price limits may be based on a formula. For instance, if home prices ranged from $200,000 to $1,000,000 in your area (usually defined as your county or metropolitan statistical area), and half of the homes cost more than $400,000, and half cost less, the median price would be $400,000. If the limit was 115% of this, the maximum eligible home price would be $460,000 ($400,000 * 1.15). Other programs may have defined limits. Regardless, how much you can borrow will determine the cost of the home you can buy, and how much you can borrow will be determined by your income -- so limits on home prices may not come into play at all.
Multifamily dwellings and DPA
Suppose you want to buy a multifamily building, containing two, three or four units. Many down payment assistance programs won't help. But at least one in five will.
You'll probably have to live in one of the units. Presumably, you'll want to rent out the other one, two or three. And that's no problem.
What's on offer where YOU want to buy: DPA state by state
We've covered the main points about how down payment assistance works. And have explored how to qualify for down payment assistance. So now it's time to tell you about some of the main programs that operate in the state where you want to buy a home, and to tell you how you may be able to discover others.
Other sources of DPA
You can supplement this search by using an online tool on Down Payment Resource's website. However, be aware that you won't get worthwhile information upfront. You must part with a lot of your own personal identification information, including your household income, full name and email address. Some may hesitate to hand those over to a private company about which they know little.
There are more than 3,100 counties in America and many more cities and towns. And researching them all is impossible. So the information below is mostly state-based, and we've only featured an offer or two from each state. This means you really do need to find other, more local programs yourself. Start by using Google or Bing and search for phrases like "down payment assistance in [town, city, county, state]" "homebuyer assistance programs" in the same areas. You'll probably be surprised at the number of returns you'll see. Of course, you could always contact your state's housing finance authority and see if a list of local offers is available, too,
Alabama Down Payment Assistance
The AFHA's Step Up program offers 3% down payment assistance to those on salaries below $159,200. Very low and moderate income buyers may also be eligible Affordable Income Subsidy Grant can help with a grant of between 0.5% and 1% of the loan to use toward closing costs. Also, look for county- and city-specific programs listed on HUD's site.
Alaska Down Payment Assistance
The Alaska Housing Finance Corporation's Down Payment Assistance Program is offered by nonprofit organizations to borrowers purchasing homes with Alaska Housing’s AHELP loan option. Funds are subject to availability, and borrowers must meet the organization's guidelines.
If you're an Alaska Native or Native American, you may find special programs run by regional housing authorities across the state. And, if you're not a member of those communities, other programs might help. For example, the Fairbanks Neighborhood Housing Services Home Opportunity Program offers down payment assistance program in its location. Don't forget to check HUD's Alaska resource page, too.
Arizona Down Payment Assistance
The Arizona Department of Housing's Arizona is Home offers low and moderate income homebyers up to $30,000 to be used for downpayment and closing costs While there are programs targeted at rural areas, their HomePlus down payment assistance program is available statewide.
Arkansas Down Payment Assistance
The ADFA Down Payment Assistance Program (DPA) can lend up to $15,000 for down payment and closing cost assistance. This takes the form of a 10-year second mortgage. You can also look into the authority's SmartStart or Move-up loan programs, too.
California Down Payment Assistance
No state is better served than California when it comes to down payment assistance. There are lots of programs by a range of agencies, so be prepared to spend a little time tracking down the one that suits you best.
The California Housing Finance Agency has the MyHome Assistance program, which can provide a loan of up to 3.5% of the home's purchase price or $10,000 (whichever is less). Qualified educators and others employed in the schools system are not subject to the $10,000 limit.
Colorado Down Payment Assistance
A last look, Colorado had as many as 31 agencies offering various forms of downpayment assistance. The Colorado Housing Assistance Corporation offers a second mortgage to those who are eligible. An important condition is that you must put in a minimum of 1% of the purchase price using your own funds, and they cannot be a gift from anyone.
Connecticut Down Payment Assistance
Connecticut has as many as 19 agencies supporting homebuyers. The Connecticut Housing Finance Authority lets you borrow as a second mortgage up to $15,000 of the purchase price, with a minimum of $3,000 and not more than 3.5% of the purchase price. The loan's interest rate will be the same as the rate on the first mortgage.
The CHFA notes that "Your city or town may offer down payment assistance in the form of low-interest loans or grants. Be sure to inquire with your local Department of Economic and Community Development. Some employers also offer grants or loans, so check with your benefits office. "
Delaware Down Payment Assistance
The Delaware State Housing Authority's Preferred Plus program can provide a zero-interest second mortgage loan of 2%-5% of your overall loan amount.
Wilmington city and New Castle County each has its own down payment assistance program.
District of Columbia Down Payment Assistance
The DC Department of Housing and Community Development's Home Purchase Assistance Program (HPAP) provides interest-free loans and closing cost assistance. Its website says, "eligible applicants can receive a maximum of $202,000 and an additional $4,000 in closing cost assistance." HPAP recipients must contribute $500 or 50% of liquid assets greater than $3,000, whichever is greater. Low-income borrowers needn't repay the loan until they move, refinance or take equity from the home. So there are no monthly payments.
Meanwhile, the DC Open Doors program, operated by the DC Housing Finance Agency, offers eligible homebuyers a zero-interest loan to cover all their down payment requirements. And, again, it only has to be repaid when you move or refinance so you don't make monthly payments.
Florida Down Payment Assistance
Florida is well-served with down payment assistance. The Florida Housing Finance Corporation has a wizard on its website to help you determine your eligibility for its down payment assistance programs. These take the form of second mortgages that can cover some or all your down payment and closing costs needs.
Georgia Down Payment Assistance
The state government's Department of Community Affairs operates its Georgia Dream Homeownership Program. This provides down payment assistance in the form of a 0% second mortgage, which doesn't have to be repaid until you move or refinance. You'll need to put in $1,000 of your own money, which can include a documented gift you receive from a relative or friend.
Hawaii Down Payment Assistance
Hawaii is relatively poorly served for down payment assistance programs. Our original research indicated that there were only seven managed by four agencies, and the Hawaii HomeOwnership Center is likely your best place to start.
Hawaii's maximum home values are often increased under many programs. There is assistance to native Hawaiians and other programs, which depend on the island/county you choose.
Idaho Down Payment Assistance
Idaho is a rural state with a small population. So much of the state is considered eligible for USDA zero-down financing.
The Idaho Housing and Finance Association has two forms of down payment and closing costs assistance. One's a second mortgage, repayable over 10 years. The other's a forgivable grant. You don't have to make any payments, and after seven years, the agency forgives the "loan."
Illinois Down Payment Assistance
IHDAccess offers 4% of the purchase price -- up to $6,000 -- in assistance for down payment and closing costs, which is forgiven monthly over a 10-year period. In other words, it can end up a gift that does not have to be repaid. you must meet some requirements. One is a minimum credit score of 640. There are eligibility criteria also, including household income and purchase price limits.
Indiana Down Payment Assistance
The state of Indiana offers include the Next Home Advantage with Subsidy program, which serves people who are not first-time buyers. A minimum of 640 credit score is required, but the assistance on offer is 3% of the appraised purchase value and is forgiven after two years. First-time buyers, new-home buyers and vets can all take advantage of various DPA programs in Indiana.
Iowa Down Payment Assistance
Iowa offers range from the FirstHome Plus Grant, which can be up to 5% of the price of the home, and is only repayable at the time of sale or refinance, to the Homes for Iowans Plus Grant, which offers $2,500 to help with down payments and closing costs.
Kansas Down Payment Assistance
Kansas residents see owning a home as a big part of the American dream. The Community Housing Program (CHP) helps Kansans buy, maintain and keep homes by arranging wholesale loans (advances). Rates are below market. The favorable pricing helps lenders extend long-term, fixed-rate credit for housing. Meanwhile, the Kansas Housing Corporation offers low and moderate income first-time homebuyers with up to 80% of the Area's Median Income as much as 15% of the purchase price in an interest-free second mortgage.
Kentucky Down Payment Assistance
In Kentucky potential homebuyers can find downpayment assistance in the DAP program, where up to $10,000 can be available in a 10-year second mortgage at a low interest rate.
Louisiana Down Payment Assistance
Louisiana offers include the Louisiana Housing Corporation's MRB Home and Assisted downpayment assistance programs, which make between 4% and 9% of the loan amount. They also offer several homeownership programs for eligible homebuyers. These programs offer a variety of fixed-rate, 30-year loans, some of which are below market interest rates.
Maine Down Payment Assistance
Maine homeownership assistance programs include statewide, regional, city and town-sponsored offers. MaineHousing's First Home Loan Program includes Advantage Down Payment and Closing Cost assistance. It provides up to $5,000 toward the cash needed for closing. Buyers must attend homebuyer education class prior to closing, and contribute a minimum of 1% of the loan. However, the cost of the class counts toward the 1% contribution.
Maryland Down Payment Assistance
The State of Maryland Department of Housing and Community Development provides a wide range of programs and services that can help homebuyers create and maintain safe and comfortable homes for their families. The programs help cover down payments and closing costs, make important safety and code improvements, and help prevent foreclosure. To find out more about all of the programs available, visit the Maryland.gov website.
Massachusetts Down Payment Assistance
In Massachusetts, most programs available to help low or moderate-income people purchase a home apply to first-time buyers. Salem, for example, offers a no-interest, deferred payment loan, to use toward the down payment and closing costs of a home. Repayment of the loan is due upon sale or transfer of the property.
However, MassHousing.org offers eligible borrowers up to $30,000 in downpayment assistance in the form of a second mortgage. One offer charges no interest on the funds.
Michigan Down Payment Assistance
Michigan offers the MI 10K Down Payment Assistance Program is a mortgage for low and moderate income first-time buyers across the state, and repeat buyers in certain areas. It offers DPA of up to $10,000, which can be used for down payment, closing costs and prepaid expenses. Don't forget to look up local and county offers too, such as Oakland County's Independent Bank Home Buyer Assistance Program, which offers a $5,000 grant to eligible homebuyers.
Minnesota Down Payment Assistance
Minnesota offers an assistance program in the form of Deferred Payment Loans (only available to first-time buyers) offer up to $18,000. There is no interest to pay, nor are there any monthly payments. The loan must be repaid when the homeowner either moves, sells, refinances or pays off the first mortgage. As well, there are similar or different programs available for repeat buyers.
Mississippi Down Payment Assistance
Among Mississippi DPA programs, the Mississippi Home Corporation's Smart 6 program offers a second mortgage with a 0% interest rate. To qualify, your household income can't exceed $122,000 and you'll generally need a credit score of 620 or better.
Missouri Down Payment Assistance
Missouri offers a few DPA programs. Its First Place Loan Program offers both cash assistance of up to 4% of the loan amount to help first-time homebuyers pay down payment and closing costs. It also offers a Mortgage Credit Certificate, which allows a first-time homebuyer to claim a tax credit on their federal tax return for a portion of the mortgage interest paid during a tax year.
Montana Down Payment Assistance
Montana is known as "The Treasure State," and offers the Bond Advantage making up to $15,000 available in downpayment and closing cost funds or the MBOH Plus 0% program that's coupled with a Montana Board of Housing 30-year fixed-rate mortgage for low and moderate income homebuyers who qualify.
Nebraska Down Payment Assistance
In Nebraska, the Nebraska Investment Finance Authority offers various loan programs for homebuyers -- from military home programs to tax recapture schemes. The Homebuyer Assistance (HBA) program offers up to 5% of the purchase price in a 10-year second mortgage with a 1% interest rate.
Nevada Down Payment Assistance
Nevada runs a generous Home Is Possible Program. Established in 2014, it offers up to 5% of the Loan value (subject to buyer's eligibility) that can be used for down payment or closing costs - and you don't even need to be a first-time buyer.
New Hampshire Down Payment Assistance
New Hampshire housing programs include Home Flex Plus and Home Preferred Plus, which offer up to $15,000 for down payment and closing costs. Buyers get a second mortgage with a 0% APR. The funds are repayable if you sell, refinance, no longer occupy the property, declare bankruptcy or at the end of the 30-year term.
New Jersey Down Payment Assistance
The New Jersey Housing and Mortgage Finance Agency lends interest-free up to $15,000 with no monthly payments. After five years, the loan goes away. as long as the borrower still lives in the home and hasn't sold or refinanced. Eligible borrowers need a credit score of 620 or higher and cannot have owned a home within the previous three years. You can check HUD's New Jersey page for more housing resources.
New Mexico Down Payment Assistance
On a statewide basis, New Mexico offers its HomeForward program, which is available to first-time and repeat home buyers. The program's down payment assistance is a second mortgage loan with a 10 or 15-year term for up to 3% of the home sale price.
New York Down Payment Assistance
State of New York Mortgage Agency (SONYMA) is a source of down payment help. Eligible buyers can get a loan of up to 3% of the purchase price ($15,000 maximum) with a 0% rate and no monthly payments. Providing the borrowers don't sell or refinance, SONYMA forgives the loan after 10 years. You may be able to locate addition resources at HUD's New York webpage.
North Carolina Down Payment Assistance
The North Carolina Housing Finance Agency's NC Home Advantage Mortgage offers DPA of up to 5% of the total mortgage amount. It's a loan that can help first-time and move-up buyers get into their ideal homes.
Meanwhile, the Centre for Homeownership and Economic Development offers a Down Payment Assistance Program (CPLP) and other services, such as housing counseling homebuyer education.
North Dakota Down Payment Assistance
One of the statewide programs offered in North Dakota is the North Dakota Roots program. It's purpose is providing affordable mortgage loans to moderate-income buyers. It can be coupled with the Start Program, which offers 3% of the loan amount for down payment and closing costs. Even those who have previously owned a home can be eligible. Participants must supply at least $500 of their own money.
Ohio Down Payment Assistance
Known as "The Buckeye State" because of the many buckeye trees that once covered Ohio's hills and plains, Ohio offers state-wide programs such as Your Choice! Downpayment Assistance which can make 2.5% or as much as 5% available for downpayment and closing costs, and the amount can be forgiven after seven years.
Some programs are statewide and some are by town or city. The city of Canton, for example, has a Down Payment Assistance Program that provides up to 50% of the required down payment on the property, and up to 100% in closing costs. These agency forgives these 0% loans after five years.
Oklahoma Down Payment Assistance
The OHFA Homebuyer Downpayment Assistance program is available in all 77 counties in Oklahoma. Purchase price and income limits vary based on the selected product. It's a loan of up to 3.5% of the mortgage amount. Buyers must use the program with only 30-year fixed-rate mortgages, but it's available to both first-time and repeat buyers.
Oregon Down Payment Assistance
Oregon offers a number of local programs available with OHCS Down Payment Assistance. Buyers who complete a homeownership education program can qualify for funds toward down their payment and closing costs. Available to low and very low-income families and individuals, the awards are funded by the state and administered by local community agencies.
Pennsylvania Down Payment Assistance
Known as "The Keystone State," Pennsylvania's primary down payment offer is the Keystone Advantage Assistance Loan Program is a second mortgage. It covers home purchase closing costs up to 4% of the final purchase price, or $6,000 -- whichever is less. Borrowers repay the interest-free ten-year loan each month. There's also the Keystone Forgivable in Ten Years (K-FIT) program, where 10% of the assistance amount is forgiven in each year you own the home.
Rhode Island Down Payment Assistance
Rhode Island is a small state with some big downpayment assistance offers. One such program is Extra Assistance. which provides DPA to first-time buyers. Borrowers get the lower of 6% or $20,000 to use in a 15-year second mortgage at the same interest rate as their RIHousing first mortgage. Completion of a homebuyer education course is required. Another is their 15kDPA program, available to first-time homebuyers who meet income requirements and have a FICO above 660.
South Carolina Down Payment Assistance
In South Carolina low- and moderate-income households can get down payment assistance via the SC Housing Homebuyer Program to buy a home. The downpayment assistance as a 15-year second mortgage with no interest and no payments, and is fully forgiven if the borrower occupies the home for all 15 years of the loan.
South Dakota Down Payment Assistance
South Dakota makes available a down payment program through the South Dakota Housing Development Authority (SDHDA). It's SDHDA Fixed Rate Plus loan offers up to 5% of the mortgage amount. It comes in the form of a 0% loan repaid if the property is sold or refinanced. Buyers make no monthly payments and there are no additional fees. There are local offers available, too, such as Sioux Falls "Public Safety Down Payment Assistance Program", with up to $20,000 in assistance available to police officers, firefighters and other public safety employees.
Tennessee Down Payment Assistance
In Tennessee, all homebuyers who qualify for a Great Choice Home Loan can also apply for down payment assistance. The Great Choice Plus second loan Deferred Option program finances up to $6,000 at 0% with no monthly payments, fully forgiven a the end of the 30-year term, or repaid in the event of a sale or refinance. The Amortizing Option offers 5% of the sales price ($15,000 max) at the same interest rate as the first mortgage.
Texas Down Payment Assistance
Texas offers a range of assistance programs for first time and repeat homebuyers. The My Choice Texas Home program offers up to 5% of the purchase price in a 0%, 30-year second mortgage for down payment and closing costs.
There can be local options, too. For example, the city of El Paso's First Time Homebuyer program lends money for closing costs and down payments at zero percent interest. Meanwhile, the city of Waco's Homebuyer Down Payment Assistance program offers up to $25,000 no-interest loans to families that meet the necessary income criteria. Eligible buyers can purchase homes without having to save up a down payment or closing costs.
Utah Down Payment Assistance
Since 1990, the Federal Home Loan Bank of Des Moines (FHLB) has helped 33,500 families to purchase their homes by awarding over $161.7 million in down payment and closing cost assistance. The Home$tart Funding program is available on a first-come, first-serve basis, and is subject to availability. If not available, try Utah Housing Corp's downpayment offer, where you'll work with a lender to determine your downpayment assistance needs, which will come in the form of a 30-year second mortgage.
Vermont Down Payment Assistance
Vermont, the Green Mountain State a number of agencies offering down payment programs. The Vermont Housing Finance Agency (Assist program) for example offers down payment and closing cost assistance of up to $10,000 in a 0% second mortgage with no monthly payments. The loan is repaid at sale, refinance or mortgage payoff. Local offers of support can be found in Montpelier and Burlington -- one from a publicly-funded source another by the Vermont Federal Credit Union called "Seed Money".
Virginia Down Payment Assistance
Virginia offers the HOMEownership Down Payment and Closing Cost Assistance program (DPA), which provides flexible gap financing for first-time homebuyers at or below 80 percent of the area median income. The DPA, which is available in only certain, specified areas, comes in the form of a grant, so it doesn't have to be repaid. An income-eligible homebuyer can receive 10% or 15% of the sales price, and there may also be up to $2,500 available to pay for the costs of closing.
Virginia Housing also offers the Plus Second Mortgage Program, which allows for a 0% down payment and up to 1.5% for closing costs and is available statewide.
Washington Down Payment Assistance
The Washington State Housing Finance Commission offers varied down payment assistance programs to buyers who use its home loan programs. For the Home Advantage DPA program, a second mortgage loan with a 0% interest rate, payment deferred for 30 years is available. Household income cannot exceed $180,000. Although the assistance varies from program to program, the average amount to a typical homebuyer is $10,000, capped at 3% to 5% of the loan amount.
West Virginia Down Payment Assistance
For many people in West Virginia, the cash down payment required to buy a home is a significant hurdle.
The West Virginia Housing Development Fund's Low Down Home Loan is available to lower this barrier by offering help to homebuyers. Up to $8,000 is available in a 15-year, fixed-rate second mortgage loans that carry just a 2% interest rate.
Wisconsin Down Payment Assistance
Wisconsin homebuyers can take advantage of the Wisconsin Housing and Economic Development Authority's (WHEDA's) Capital Access Down Payment Assistance program. It is specifically aimed at WHEDA Advantage customers to help them get into their home sooner. A second mortgage of up to $7,500 is available in a 30-year second mortgage with no interest and no payments. The Easy Close Advantage DPA is also available for up to 6% of the purchase price as a 10-year second mortgage with the same rate as the loan's first mortgage.
Wyoming Down Payment Assistance
Agencies in Wyoming offer a number of down payment assistance program.
One such example comes from the Wyoming Community Development Authority which offers Down Payment Assistance (DPA) products to help borrowers achieve homeownership. Each DPA loan has three basic features -- a $15,000 maximum loan amount, $1,500 minimum borrower contribution and a minimum credit score of 620. Repayment is due when you move, sell or refinance -- or after 30 years when you've finished paying down your first mortgage. There's also a 10-year amortizing loan option available, too.
The link from every state name takes you to its HUD page, which includes links to programs for housing, homeownership and other topics.
This content was updated by Keith Gumbinger.
