Understanding Down Payment Assistance Programs

Saving enough money for a down payment is a crucial step in turning your dream of homeownership into a reality. Fortunately, down payment assistance (DPA) programs can make this milestone easier to achieve.

DPA programs help home buyers afford down payments through grants or loans from government agencies, lenders or nonprofits. Most DPA programs are geared toward first-time buyers, but other buyers may qualify based on factors such as income, credit score and home location. According to industry research, 87% of properties in the U.S. qualify for down payment assistance, but many buyers are unaware of these programs.

If you're saving for a down payment, a real estate agent is your most valuable resource for understanding DPA programs and securing assistance if you're eligible.