Down payment assistance programs (DPA) Down payment assista..
Added 2021-10-18 00:05:23 +0000 UTCDown payment assistance programs (DPA)
Down payment assistance is exactly what it sounds like: help with the down payment and often the closing costs on a home purchase.
DPA programs may be offered by government agencies, nonprofits, and other sources. They usually take the form of a grant or loan (though the loans may be forgiven if you stay in the house 5 yeears or so).
Most DPA programs are targeted at low-income home buyers, and have guidelines that make it easier to qualify.
Some, however, provide assistance to people who buy in “underserved” or “redevelopment” areas regardless of income.
Average down payment assistance is about $12,000. Surprisingly, many who qualify for DPA never apply for it — because they don’t know it exists.
