Purchasing your first home is an exciting milestone, but saving for a down payment can be a significant hurdle. Fortunately, down payment assistance (DPA) programs are available to help bridge the financial gap, making homeownership more accessible.
What Is Down Payment Assistance?
Down payment assistance refers to financial programs designed to help homebuyers cover the initial costs associated with purchasing a home. These programs can come in various forms, including grants, forgivable loans, and deferred payment loans.
Types of Down Payment Assistance Programs
- Grants – Free money that does not need to be repaid.
- Forgivable Loans – Loans forgiven after meeting certain conditions, such as staying in the home for a set time.
- Deferred Payment Loans – Loans that are repaid only when the home is sold, refinanced, or paid off.
Who Qualifies for Down Payment Assistance?
While specific qualifications vary by program, common eligibility requirements include:
- Being a first-time homebuyer (often defined as someone who hasn't owned a home in the last three years)
- Meeting income limits
- Completing a homebuyer education course
- Purchasing the home as your primary residence
Popular Down Payment Assistance Programs
1. CCM Smart Start
- Up to $5,250 in down payment assistance
- For first-time buyers earning 80% or less of the area median income
- No repayment required
2. CCM Community Promise
- $6,500 grant for buyers in designated communities
- Must be a first-time buyer
- No repayment required
3. Freddie Mac BorrowSmart
- Up to $4,000 in assistance based on income and location
- Available in select metro areas
- Terms vary by program
Why Use Down Payment Assistance?
- Buy sooner without needing to save for years
- Lower upfront costs so you can keep more in your savings
- Access homeownership even if you thought it was out of reach
How to Get Started
- Talk to a trusted mortgage expert about available programs.
- Take a homebuyer education course (often required).
- Gather financial documents like pay stubs and tax returns.
- Apply for assistance that fits your needs and goals.
Ready to Find Out What You Qualify For?
Let’s connect and explore which down payment assistance programs are available to you. Whether you're buying your first home or helping someone else take that step, I can guide you through the options and help you make a smart move.
Call or schedule a free consultation to get started.
📞 Call us at (717) 989-0966
🌐 Visit https://lancasterpahome.com/
📱 Follow Paul Berdiner on Facebook and Instagram for more real estate tips.