Saving for a down payment is often the hardest part in the homebuying process–but it doesn’t have to be. Since we started helping people into homes, Guild has been an advocate for affordable down payment assistance (DPA) lending programs. We work with counties across the nation to offer over five hundred down payment assistance programs that help you become a homeowner, sooner.
What are down payment assistance (DPA) programs?
Down payment assistance programs are available county-by-county to offer first-time homebuyers assistance with down payment and closing costs to purchase a home.
How do down payment assistance (DPA) programs work?
Down payment assistance is provided in the form of a loan or grant–secured as a lien against the property–and is often forgiven over time.
Down payment assistance eligibility is most commonly based on income, however, that can vary depending on the property location.
Who can qualify for a down payment assistance program:
Individuals with incomes below area median levels
Borrowers with little to no money saved for a down payment
Benefits of a down payment assistance program:
Increase your buying power
Potentially avoid mortgage insurance requirements
Grant money does not have to be paid back
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.