Down Payment Assistance programs are designed to help eligible buyers cover some or all of their down payment and sometimes closing costs. Some programs provide grants that do not require repayment. Others provide second loans that may be deferred or forgivable after a period of time. These programs usually have income limits, property restrictions, and specific qualification criteria. Over the years, I’ve seen DPA programs open doors for buyers who otherwise would have waited years. But I’ve also seen buyers misunderstand the terms. Assistance is helpful — but you must understand whether it’s a grant, a loan, or a deferred obligation.
Please consult your Mortgage Advisor for guidance specific to your situation before making changes.
