Down Payment Assistance
Not sure how much you need to save before you can buy? You might not need as much as you think. Down payment assistance programs can reduce the upfront cash you need for a home purchase—helping you get into a home sooner, keep more of your savings, and take advantage of today’s mortgage options. Explore programs that may fit your situation and let us help guide you through your opportunities.
Buying a home is the American Dream and one of the most exciting times in a person's life! However, for many first-time homebuyers, one thing often stands in their way ... a down payment. The long-lived myth that you need a 20% down payment to purchase a home is just that ... a myth. There are several loan programs that require less than a 20% down payment: Conventional (5%), FHA (3.5%), USDA (0%) and VA (0%); however, home buyers can also get help through Down Payment Assistance programs!
Down Payment Assistance (DPA) programs are a great option to consider if you want to become a homeowner, but struggle coming up with your down payment. DPA programs are available through a variety of sources including federal, state, county and city agencies, as well as non-profit agencies. They provide a fixed amount of money to qualified buyers that can be used for a down payment, and even closing costs on a home purchase. The amount of money available to a home buyer depends on the agency administering the funds. Money provided through DPA programs are generally considered to be one of three things:
- A grant
- An interest-free loan
- A debt you repay in the future
There is a misconception that DPA programs are only available to first-time home buyers. A little more than 60% of programs cater to first-time home buyers; however, there are programs available to repeat buyers as well. Although down payment assistance is available, not every home buyer will qualify for it. Each program has its own rules for determining a buyer's eligibility. Where a person lives and how much money they make will influence eligibility for some DPA programs. "There are geographical zones and income limits, depending on those zones and how many people are in the household," says mortgage expert and author, Elysia Stobbe. Other qualifying factors may also come into play. These include, but are not limited to:
- Credit Score
- Debt-to-Income ratio (DTI)
- Completion of a homebuyer education course
- Military/Veteran status
- Employment in a public service position
Still think you need a 20% down payment to purchase a home? Think again. Down Payment Assistance programs are readily available and designed to help those who want to purchase a home, but might otherwise be shut out of the market.
TO EXPLORE YOUR DOWN PAYMENT ASSISTANCE OPTIONS, CONTACT US TODAY!!
I've worked with Alex twice, and both times were very simple! He's always easy to communicate with, and the portal makes signing and submitting documents simple.
New Orleans, LA, 06/26/2026
Alex Shafirovich and the entire team at InterLinc Mortgage made the heloc process smooth and stress-free from start to finish. Alex was always available to answer questions, communicated every step of the way, and worked hard to ensure everything stayed on schedule. His professionalism, knowledge, and attention to detail gave...
06/26/2026
I've worked with Alex twice now, and both times have been great! He's always there to answer questions, and the portal makes it very easy.
06/26/2026
Rory and his team were so incredible to work with. They were so communicative throughout the entire home buying process and were very thorough in answering all of our questions. We enjoyed working with them so much! If you’re looking for a team who will make sure you are taken...
06/26/2026
Patrick and Brion assisted me and answered all my questions. Very professional and got our loan approved when my own bank said it wasn’t possible due to my time at my job and they got us the best rate on the market!
06/26/2026
