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The low down on down-payment assistance

The Low-Down on Down Payment Assistance

Read time 2 minutes

Down payment assistance can be a great resource for a first-time or low-to-moderate income homebuyer. Here's what you need to know.

What is 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, unless you sell your home within a certain amount of time.

Down payment assistance funds generally come from the federal, state, county or city government to help first-time or low- to moderate-income 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 with other programs and seller/realtor contributions. The HomeStreet Benefit Programs can be used in conjunction with many different down payment assistance programs, second mortgages and grants to qualified home buyers. Income restrictions may apply. Contact your Affinity hotline 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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