Down Payment Assistance
Many people struggle to save funds for a home down payment, but today there are several affordable options available to help buyers achieve homeownership with little to no down payment called Down Payment Assistance Programs (DPAs.)
NC Housing Finance Agency Down Payment Assistance
- NCHFA provides several products that bridge the down payment gap. NC residents have potential assistance for both first time and subsequent buyers. The NC 1st Home Advantage program provides a fixed rate first mortgage combined with $8000 in DPA. The $8,000 DPA may be used towards down payment and/or closing costs. Plus the $8,000 DPA has no interest or payment required and is available only to first-time home buyers.
- NCHFA offers another DPA without the first time home buyer requirement. It provides the traditional first mortgage along with DPA in the amount of 3 or 5% of the first mortgage amount. Like above, the 3 or 5% of the first mortgage amount may be used towards down payment and/or closing costs.
Virginia Housing (Formerly VHDA) Down Payment Assistance Grant
- VA Housing provides both down payment assistance and grants for Virginia home buyers. Primarily, their programs are for first time home buyers, although there are exceptions.
SC Housing Down Payment Assistance
- For SC buyers we offer the SC Housing $6,000 DPA product. When combined with an FHA or USDA loan, the $6,000 may contribute towards down payment and/or closing costs. Unlike NCHFA, there is a repayment feature on this assistance. Although this is traditionally a first time home buyer product, there are exceptions to this requirement.
Maryland Mortgage Program
- All home loan products available through MMP are 30-year, fixed-interest rate mortgages. There are a few different types of home loan products, and they generally vary by the kinds of DPA and closing cost assistance that are available with them.
- MMP DPA can only be obtained with an MMP first mortgage; it is not a standalone option. Funds available for down payment and closing costs may be provided in the form of a grant or as a deferred, no-interest loan.
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David H. Stevens, CMB, (Dave) is a 36 year veteran of the Mortgage Banking industry. Dave served as the President and CEO of the Mortgage …
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