Frequently Asked Questions

Down payment assistance helps first-time home buyers come up with a down payment to purchase a home. Down payment assistance takes multiple forms, including grants, loans, vouchers and more. 

Assistance amounts can range from a few thousand to tens of thousands of dollars, and can be used toward closing costs assistance, and/or principal or reductions.  

To qualify for down payment assistance, you must have not owned a home in the past three years. (Some lenders offer in-house loans that do not have that stipulation.) You must also show proof of a credit score 620 or higher, a steady income, and a healthy debt-to-income ratio. 

Individual programs may have more eligibility requirements, like that you must remain in the home for a specified period of time, ranging from as little as three years up to 10 years. Some programs are limited to certain geographic areas, which could affect your eligibility. You also may be required to take an educational course.