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How Does Down Payment Assistance Work?

1. In The Form Of Grants, Loans And Other Programs

There are different types of down payment assistance, such as grants, loans and other programs.

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2. Only For First-time Home Buyers

Down payment assistance is for first-time home buyers who need money for their down payment. There are usually specific criteria for determining eligibility as a first-time homebuyer. If you have not owned a home in any form within the past three years, most state, federal, local and non-profit programs will consider you a first-time homebuyer.

3. Run By Various Organizations

Down payment assistance is usually offered by various organizations, such as the U.S. Department of Housing and Urban Development (HUD), your state or local housing authority, or a nonprofit organization.

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