Down Payment Assistance Programs

Owning a home may feel like a distant dream, but with the right Down Payment Assistance (DPA) programs, we can help make it a reality. These programs are designed to reduce upfront costs, helping you achieve homeownership sooner and with less financial stress.

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Freddie Mac BorrowSmart®

• • What It Offers: A $1,250 grant to help with your down payment or closing costs. No repayment is required.
  • Eligibility:
    • Income must fall between 50.01% and 80% of the Area Median Income (AMI).
    • Available for primary residences, including single-family homes, condos, and manufactured homes.
    • Requires homeownership counseling from an approved agency.
  • Key Benefits:
    • Flexible funding—can be combined with gifts or employer assistance programs.
    • Perfect for first-time or moderate-income buyers.

 

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HomeReady First Program

What is HomeReady First?
HomeReady First, formerly known as the Special Purpose Credit Program (SPCP), offers generous Down Payment Assistance (DPA) for first-time homebuyers in eligible census tracts. This program is specifically designed to lower the barriers to homeownership.

DPA Benefits:

1. $5,000 Grant:
   • Can be used toward your down payment or closing costs.
2. $500 Appraisal Credit:
   • Applied directly at closing for loans requiring appraisals.
3. $500 Home Warranty Credit:
   • Covers the cost of a 1-year home warranty if purchased by the borrower.

Eligibility Highlights:

• Income Flexibility: No income limits for homes in eligible census tracts.
• First-Time Buyer Requirement: At least one borrower must be a first-time homebuyer, though co-borrowers do not need to be.
• Primary Residences Only: Applies to single-family homes, condos, and 2-4 unit properties.
• Minimum Credit Score: A minimum 620 credit score is required.
• Homeownership Education: Completion of a homeownership education course through Fannie Mae or a HUD-approved provider is mandatory.

Why Choose HomeReady First?

• Generous DPA of $5,000, reducing upfront costs significantly.
• Appraisal and home warranty credits for additional savings.
• Flexibility with income guidelines makes it accessible to more buyers.

 

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$2,500 Credit with HomeReady® and HomePossible®

• • What It Offers: Receive a $2,500 lender credit to help with closing costs or other expenses.
  • Who Qualifies:
    • Buyers meeting AMI limits and program eligibility guidelines.
    • Must complete homeownership counseling as required by the respective program.
  • Key Benefits:
    • Significantly reduces the upfront cash needed to close.
    • Can be combined with other assistance programs, maximizing affordability.

 

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SmartBuy Down Payment Assistance

• • Options Available:
    1. 5-Year Forgivable Loan:
       • No repayment required after five years of homeownership.
       • Minimum credit score: 620.
    2. 10-Year Repayable Loan:
       • A flexible, longer-term option with competitive terms.
       • Minimum credit score: 660.
    3. Closing Costs Repayable Loan:
       • Designed for buyers needing assistance with closing costs.
       • Minimum credit score: 660.
  • Property Types:
    • Eligible for single-family homes, condos, and double-wide manufactured homes.
  • Additional Features:
    • Allows for permanent and temporary rate buydown options.

 

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Local & State DPAs

In addition to these national programs, we also work with state and local Down Payment Assistance programs. These programs often include grants, forgivable loans, or low-interest secondary loans that can be combined with the options above.

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Contact Us Today
Our team will guide you from consultation through financing, ensuring a clear understanding of all terms. Reach out today to explore eligibility and take the next step toward affordable homeownership!

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Important Disclosures

Loan approval, interest rates, and terms depend on creditworthiness, property location, and other factors. Additional costs, including closing costs, may apply. APR will be disclosed upon application and is subject to change based on loan specifics. Program requirements may vary, and underwriting approval is required for all borrowers. PMI may be required and is based on loan type and borrower profile. Please consult with our team for further details on eligibility and cost specifics.