Down Payment Assistance
Down Payment Money Is Out There.
We’ll Help You Find It
With Down Payment Resource, you can connect to programs that help cover your down payment and closing costs, making homeownership more accessible than ever.
Overcome the #1 Obstacle to Homeownership
Let’s be real—the biggest thing standing between you and your dream home isn’t your credit score or finding the perfect property. It’s coming up with the cash for the down payment.
It’s the hurdle almost every buyer faces. You’re paying rent, managing bills, and trying to save what’s left over. It feels like running uphill, right? Here’s the secret most people don’t know: there’s money out there to help you.
Yep, thousands of programs exist to help with your down payment and even your closing costs. You just need to know where to look. That’s where we come in.
But not all Down Payment Assistance programs are created equal. Let’s break down the key differences so you can choose the best option for your situation.
Know the Difference
Down Payment Assistance (DPA) programs are initiatives designed to provide financial support for homebuyers struggling to cover their down payment and, sometimes, closing costs. These programs are often funded by state housing agencies, local governments, or nonprofits.
There are a few differences in the types of Down Payment Assistance programs that are available to a new home buyer…they are not created equal.
While the criteria to qualify for many of these DPA programs will vary by program type and location, there are 2 main types that you will come across so be sure to ask what type of DPA program is being offered to you.
2nd Mortgage
Repayable 2nd Mortgage
A typical type of DPA program is a 2nd lien – or 2nd mortgage – that is placed on the home. It will fulfill most or all of your down payment requirement and can will have regular scheduled monthly payments like any 30 year mortgage term…so it will need to be paid back over time.
Some options will allow for deferred payments (no monthly payment requirement), but will still need to be paid back over the course of the time you live in the property. So even though you will not have a monthly payment, you will need to pay back the full amount of the DPA if you move from the home or refinance the home.
Forgivable 2nd Mortgage
Some DPA programs allow for a forgivable status if you fulfill certain criteria. For example, one of the forgivable loan options allow for complete loan forgiveness (so they pay it off for you) as long as you make on-time payments on the first mortgage for 36 months. Yep…so as long as you never miss a payment on your 1st mortgage loan for 3 years, then the mortgage holder will completely eliminate the 2nd mortgage entirely. Great program!
Grants
This is the most favorable mortgage option as it is essentially free money. If you qualify for a grant, they issuing institution will provide the funds with no repayment required at all. These are typically more difficult to qualify for and are generally designed for first-time home buyers and veterans.
Ask about all possible grant options that may be available to you in your area. Book a call today!
What's Next?
If you’re ready to stop dreaming and start owning, we’ve got the tools to make it happen. Let us help you find the down payment money you need so you can finally call that house your home.
- Answer a Few Questions: Tell us about your homeownership goals and location.
- See What You Qualify For: Our system matches you with assistance programs in your area.
- Connect with Experts: Get personalized guidance to secure the funds you need.
CHECK YOUR ELIGIBILITY NOW!
With our easy-to-use tool, you can identify the best assistance programs tailored to your family’s needs. No more guesswork—just a clear path to homeownership.
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Ideal Lending LLC, NMLS 2471779 is an Equal Housing Lender. Ideal Lending LLC is not affiliated with or acting on behalf of or at the direction of the Federal Housing Administration (FHA) or any government agency or government-sponsored entity and this offer is not being made by an agency of the government. Ideal Lending LLC is a Licensed Mortgage Lender Servicer, FL MLD2414; Ideal Lending LLC only lends in CO, CT, FL, GA, MA, TN, TX. Refer to www.nmlsconsumeraccess.org and input NMLS 2471779 to see where Ideal Lending LLC is licensed. Equal Opportunity Employer; Equal Opportunity Lender | This is not an offer for extension of credit or commitment to lend. All loans must satisfy underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. Certain restrictions may apply.