Over 2,000 down payment assistance programs exist across the US, yet most first-time homebuyers have no idea they qualify. These programs can provide $5,000 to $100,000 in grants or forgivable loans.
Types of Assistance
- Grants: Free money that never needs to be repaid
- Forgivable loans: Forgiven after 5-15 years of homeownership
- Deferred loans: No payments until you sell or refinance
- Matched savings: Government matches your savings 2:1 or 3:1
Biggest Programs by State
Californias CalHFA offers up to 20% of the purchase price. Texas has the My First Texas Home program with 5% assistance. New Yorks SONYMA provides up to $100,000 for qualifying buyers in high-cost areas.
How to Qualify
Most programs require income below 80-120% of area median income, completion of a homebuyer education course, and occupancy as a primary residence. Credit score requirements vary from 620 to 680 depending on the program.
