How do down payment assistance programs work?
Down payment assistance programs work to make homeownership more affordable and are usually for first-time homebuyers.
Most DPA programs are administered by state and local governments, private entities, charitable organizations, and even lenders like us. They are often in the form of forgivable loans and grants.
Qualifying for down payment assistance
Down payment assistance programs are often income-restricted and available to buyers in specific cities, communities, or neighborhoods only.
Other requirements may include:
- First-time homebuyers only
- Length of occupancy (such as 5 years for full loan forgiveness)
- Homebuyer education
What makes you a first-time homebuyer?
You’ve never owned a home before or haven’t owned a home in the past three years, and the home is your primary residence.
CrossCountry Mortgage down payment assistance programs
We know saving for a down payment is a challenge for many homebuyers. To help relieve you of the financial stress, we offer a variety of down payment assistance (DPA) programs for conventional and FHA loans.
For most of these programs, one buyer must be a first-time homebuyer, and homebuyer education and other requirements may apply.
