THE OVERVIEW
How this option works
Down payment assistance programs may help eligible buyers with down payment or closing costs. Depending on the program, assistance can be a grant, a forgivable loan, a deferred loan, or another structure.
Rules often depend on location, income, purchase price, first-time buyer status, occupancy, homebuyer education, and the first mortgage used. Funding and program terms can change, and assistance may need to be repaid if conditions are not met.