Down Payment Assistance
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Information About Down Payment Assistance
Many people think that down payment assistance is free money — most of the time it is not. Many down payment assistance programs come in the form of a second mortgage that has a low interest rate or deferred payments. Grants are funds that do not have to be paid back, but often have to be paid back if you sell your home within a certain amount of time.
Down payment assistance funds generally come from the Federal, State, County, or City to help low-moderate income first-time homebuyers. Individual banks or employers may also offer grants or other types of programs.
Down Payment Assistance Programs
Down payment assistance programs can usually be used together with other programs and seller/realtor contributions also known as layered financing.
The Hometown Home Loan Program offers many different down payment assistance programs both second mortgages or grants to qualified first-time homebuyers. Income restrictions may apply.
Contact the Affinity Lending Center to learn more about down payment assistance programs in your area. Program information is subject to change. In some cases, funds are limited.
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