Down Payment
Assistance
Down Payment Assistance Program
Our down payment assistance programs help families and individuals achieve their dream of homeownership by providing funds that can be applied towards the down payment. Some programs will provide additional funds that can be used for closing costs, which lowers the total contribution they must come in with the loan closes. Down Payment Assistance may come in the form of a Second Mortgage, a Community Second or a Grant. Many times, this allows home buyers to purchase much sooner than they thought possible.
Eligibility
- Must occupy home as Primary Residence
- Single family homes, condos & townhomes are eligible
- Special eligibility may be allowed for multi-family properties if you plan to occupy one of the units
- Flexible credit score & credit history requirements (Varies by program)
- Property must be located in an eligible city/county/state depending on the target program
- Must meet program income limits (Varies by program)
- FHA, VA, USDA, and Conventional loans are eligible
Highlights
- You may qualify even if you are not a first-time home buyer (owned a home in the last 3 years)
- Assistance may be repayable (fixed monthly payment) or be fully forgivable (no monthly payment)
- Maximum assistance amount varies by program
- Some DPA programs are designed for specific occupations including educators, health care workers, veterans & community protectors
- You may need to complete a home buyer education course or counseling to ensure long-lasting homeownership success
- Down Payment Assistance is available in every state! Contact your RWM loan officer now to learn more about your home loan options!
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