Down Payment Assistance (DPA) refers to programs, often government or charity-backed, that offer financial aid to U.S. homebuyers. This aid can include cash grants, low-interest loans, and tax benefits, potentially covering up to 100% of a home's down payment.
Down payment assistance programs are available at the federal, state, and local levels. These programs offer support for those purchasing a home, with federal options including tax credits for first-time home buyers, cash grants for home purchases, and interest rate subsidies to make buying a home more affordable.
However, state and local governments, private entities, and charitable organizations manage most down payment assistance programs. These non-federal programs may have specific requirements, such as using FHA loans, and may also involve additional paperwork beyond what is required for the mortgage application.
Down payment assistance can be given as cash either at closing or beforehand or as a forgivable loan to be paid at closing. Certain DPA programs are designed to assist professionals like teachers, nurses, and EMTs. In contrast, others are available to anyone buying a home in a specific neighborhood or on a certain street.
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