A Down Payment Assistance Program is available to low income families

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Down Payment Assistance Programs


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Down Payment Assistance Programs (DPAPs) can help you get the down payment you need to buy a home. The down payment tends to be the hardest part of affording a new home, and DPAPs are there to make it easier.

Depending on your circumstances, DPAPs will make either a gift or a loan to help you cover the down payment. DPAP assistance is usually no more than 5% of the price of the home, but it is enough to get you started. This assistance will help you secure a mortgage and lower your monthly payments.

Qualifying for DPAP funds varies based on the rules of the DPAP to which you are applying and your specific situation. In some cases, DPAPs will require that you:
� Contribute a down payment of 1% of the price of the home
� Be a first-time home buyer
� Take a home buying course
� Make less than a certain amount of money annually

The purpose of DPAPs is to help people afford homes. If your annual income is a bit low for you to afford homes in your area, DPAPs might be able to help.