Premiere Plus Realty Co.
Jonathan Maines, Premiere Plus Realty Co.Phone: (239) 682-2019
Email: [email protected]

Down payment assistance programs & options

by Jonathan Maines 05/04/2025

Affording a down payment on a home can be a major hurdle in the homebuying process, but luckily, there are down payment assistance options to help. With a down payment assistance program, first time homebuyers can get better mortgage terms and afford the house of their dreams.

Here is the most important info about these assistance programs for buyers to know:

How do down payment assistance programs work?

Down payment assistance programs are provided by a variety of institutions, including local government agencies and nonprofits. If you're eligible - decided based on household income, credit history and other factors depending on state - you can either receive a grant or special type of loan to pay for your down payment.

What are the different types of down payment assistance?

There are several types of assistance programs to help new buyers with a down payment:

  • Grants
  • Forgivable loans
  • Deferred-payment loans
  • Low-interest loans
  • Matched saving accounts

Grant programs offer monetary assistance without expectation of repayment. Other programs like forgivable loans or low-interest loans can serve as affordable second mortgages to cover the cost.

Who is eligible for assistance?

Eligibility requirements for down payment assistance programs depend on the individual program. Generally, you need a good credit score and a stable debt to income ratio. Some other requirements include:

  • The home must be in a specific location or county.
  • You must live in the home for a minimum amount of time (usually 3 to 10 years).
  • You have to be a first-time homebuyer.
  • You have to take a homebuyer education class.

How to apply for down payment assistance

The availability of down payment assistance is different in every area of the country. Check online or with a loan officer for eligibility requirements, applications and details.

Should you consider applying for a down payment grant or other assistance program? Remember these key points when factoring the option into your financial decisions. 

About the Author
Author

Jonathan Maines

After graduating from the University of Wisconsin- Eau Claire, Jon moved to Naples, Florida in 1989 where he took a job with the Naples Police Department. In 1991 Jon married his wife Kathy, also from Wisconsin, and had two children. During the next 19 years Jon continued to work for the Naples Police Department ultimately becoming a Lieutenant. During this time he and Kathy also became successful real estate investors. In June 2010 Jon retired from the Naples Police Department to focus his energies into being a successful Real Estate Professional. Jon believes that his faith, honesty, integrity, knowledge and hard work have been the key principals to his success in the Real Estate Business. If you are looking for an agent you can count on and trust to give you an honest perspective when looking to buy or sell your home, Jon is here to serve you. Call today for a free market analysis!