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What is Down Payment Assistance (DPA)?

Down Payment Assistance, also called zero down payment, is exactly that.

Qualified homebuyers looking for a down payment can use money from housing organizations in their area. Most programs offer assistance in the form of a grant or a loan, which may be forgivable after a period. On average, a qualified home buyer could save over $17,500 from DPA programs, according to a report from RealtyTrac.

Do I need a down payment to buy a house?

Most people don’t consider buying a home because they believe they don’t have enough saved for a down payment. They disqualify themselves from being able to buy a home because they believe they need 20% down or at least a substantial amount of money for a down payment. That’s false.

Mortgage Down Payment Assistance (DPA) programs are available to those who can’t afford to put down a large amount to cover the down payment on a home. Some programs require 0% down. DPA programs are gold for First-Time Home Buyers and even veterans of the mortgage process.

On Q Home Loans offers a large variety of Down Payment Assistance programs that could help cover some or all of a portion of your required down payment on your next home. Best of all, some down payment assistance programs are in the form of grant programs that don’t need to be repaid!

National DPA Programs

Within Reach Program

The Within Reach Down Payment Assistance program is a government FHA loan program that helps qualified home buyers who don’t have the necessary funds finance the down payment on their home:

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types available
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

Chenoa Fund Program

The Chenoa Fund Program helps home buyers who don’t have a large amount to put toward a down payment by helping finance the down payment requirement on an FHA loan, which is 3.5%. It combines an FHA loan with a grant or loan to cover the down payment. Chenoa Fund Program features include:

  • Down payment assistance up to 3.5% of the purchase price or appraised value
  • 30-year fixed term with full amortization on the first mortgage
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

How do Down Payment Assistance Programs work?

Down Payment Assistance programs are all different with certain requirements for each. State or local housing authorities, a non-profit organization, or lender usually set the requirements and conditions for the DPA program. Some programs require you or your loan officer to take a short course on Down Payment Assistance for first time home buyers.

If your assistance came in the form of a loan, you may have to pay it back in full when you sell the house or finish making payments on your home. If you get the money in the form of a first time home owners grant you don’t have to pay it back; the money is yours to cover the down payment or closing costs on your home.

Different DPA programs offer an award based on the sales price of the home, while others can cover 20% of the purchase price, and some cap the assistance at a flat dollar amount.

What Down Payment Assistance options are available to me?

There are a variety of Down Payment Assistance programs across the country. Some are available nationwide, but most often there are programs available based on your state, county, or city. Your On Q Home Loans Mortgage Consultant will help you figure out what’s best for you and your loan.

Are there local Down Payment Assistance options?

There are over 2,000 Down Payment Assistance programs nationwide. Many government agencies at the state, county, and city level provide financial assistance for people in their communities who are well qualified and ready for home ownership.

The amount you can get through DPA programs varies state to state because they’re the ones offering the funds. Some local and state programs can cap the amount you can get for DPA programs.

How much do I need to put down with Down Payment Assistance?

Down Payment Assistance programs are gold for you, literally. In some cases, you can get a grant (aka free money) or a loan to help you with the low down payment. DPA programs and the percent down can vary based on your credit score and other factors.

Some DPA programs can cover most, and in some cases, all of a down payment and require 0 percent down in certain situations. The agency or organization offering the program can set a limit or cap on the amount you can receive.

What credit score do I need for Down Payment Assistance?

There are varying restrictions for Down Payment Assistance. We recommend you find out what your credit score is before applying for a DPA program or seeking pre-approval for your loan. You can work with your Mortgage Consultant to find the best DPA program to fit your needs and your credit score.

Down Payment Assistance for First Time Homebuyers

Most first time home buyers don’t realize that Down Payment Assistance programs even exist. DPA programs are available to help you afford your dream house.

Down Payment Assistance for Realtors

On Q Home Loans works with your clients to find the best Down Payment Assistance program to match their needs and ensure that we’ll close on time.

DPA for Second Time Home Buyers

Down Payment Assistance programs aren’t only available to first time home buyers. Many programs are available to experienced home buyers looking to move and still in need of down payment assistance. Your On Q Home Loans Mortgage Consultant can help you find the best DPA program if this isn’t your first time buying a home.

DPA General Program Description

  • Down payment assistance up to 5% of the loan amount
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional and FHA loan types available
  • Homebuyer education course required
  • Credit and income restrictions may apply

  • Down payment assistance up to 10% of the purchase price
  • Conventional fixed-rate first mortgage financing
  • Homebuyer Education course required
  • Certain eligible zip codes allowed

  • This program is available to first time homebuyers only
  • Down payment assistance up to 4% of the loan amount is given in the form of a forgivable 2nd loan with a 10-year term
  • First mortgage can be a 30 year fixed Conventional, FHA, USDA, or VA loan
  • No homebuyer education is required for this loan program
  • Credit and income restrictions may apply

  • This program is not limited to first time homebuyers
  • Down payment assistance up to 4% of the loan is available. The amount is given in the form of a forgivable 2nd loan with a 10-year term
  • First mortgage can be a 30 year fixed Conventional, FHA, USDA, or VA loan
  • No homebuyer education is required for this loan program
  • Credit and income restrictions may apply

  • Down payment assistance up to 5% on the Home Advantage Program
  • Up to $8,000 on the NC 1st Home Advantage Program for qualifying military veterans and first time homebuyers
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply
  • House Key is only available in certain areas and the borrower must be a first time homebuyer

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • Down payment assistance available up to 5% of the loan amount for down payment or closing costs
  • 30-year fixed term
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • Up to 5% of the note amount for down payment assistance for Conventional. FHA, and VA
  • Up to 1% additional down payment assistance for qualified Military, First Responders, and Teachers
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • Conventional FNMA FL HFA Preferred 3% Grant and HFA Preferred PLUS Grant (up to 4% HFA) Conventional FHLMC  HFA Advantage  3% Grant  Advantage PLUS and 4% Grant
  • Borrowers qualifying for the FL HFA preferred Conventional Loan program in all counties will qualify for the 2nd Mortgage subsidy FL Assist up to $7,500 and FL HLP up to $10,000
  • Borrower(s) qualifying for Bond programs ( FHA, VA, and USDA FNMA HFA Preferred ) the FL First and Salute Our Soldiers Mortgage Loan qualify for the FL Assist up to $7,500 and FL HLP up to $10,000
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • Down payment assistance up to $7500
  • 30-year fixed term with full amortization
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • No first time home buyer restriction
  • Conventional Up to 5% of the first loan amount
  • FHA, USDA, and VA up to 4% of the first loan amount
  • Homebuyer Education course required
  • Credit and income restrictions may apply

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, and VA loan types available
  • Homebuyer Education course required
  • Must be a first time home buyer
  • Credit, income, and property restrictions may apply

  • Zero percent interest and 5-year forgivable loans:

    • $5,000: Jefferson County
    • $10,000: St. Charles County (1st-time buyer not required)
    • $10,000: City of St. Charles (1st-time buyer not required)
    • $10,000: City of O’Fallon
    • $3,500: City of Florissant
    • $3,000 St. Louis County

On Q Home Loans DPA

AZ HFA Home Plus Arizona (AZ)
AZ Pathway to Purchase P2P Arizona (AZ)
Home in Five Advantage Down Payment Assistance  (City of Phoenix/Maricopa County) Arizona (AZ)
City of Phoenix – SVP/NSP Arizona (AZ)
CalPlus California (CA)
CAL Teacher Program California (CA)
GSFA Platinum California (CA)
City of Oxnard Repayable 2nd California (CA)
City of Oxnard Forgivable 3rd California (CA)
City of Carpinteria Workforce Homebuyer Down Payment Loan Program – Brokered California (CA)
Coastal Housing Partnership California (CA)
Cottage Health Shared Appreciation Loan (SAL) Program California (CA)
Cottage Health Mortgage Assistance Program (MAP) California (CA)
Santa Cruz County Association of Realtors SCCARHF California (CA)
City/County of Denver metro DPA – AIS Grant Colorado (CO)
Colorado Energy Builder Program Colorado (CO)
Colorado Housing Finance Authority – DPA 2nd Colorado (CO)
Colorado Housing Finance Authority – DPA Grant Colorado (CO)
Colorado Housing Finance Authority (CHFA) Advantage Colorado (CO)
Colorado Housing Finance Authority  Smart Step Colorado (CO)
Colorado Housing Finance Authority (CHFA)Preferred or Preferred Plus Colorado (CO)
Summit County Gov. Employees DPA Colorado (CO)
Escambia Housing Finance Commission Florida (FL)
Florida Housing Finance Corporation – Conventional Program Florida (FL)
Florida Housing Finance Corporation – Govt. Hardest Hit Funds DPA Program Florida (FL)
Gadsden County Ship Florida (FL)
City of Tampa, FL MAP Florida (FL)
Wakulla County, FL DPA Florida (FL)
Dekalb County WE Grant Program Georgia (GA)
Georgia Dream Georgia (GA)
Gwinnett County Georgia (GA)
City of Savannah – Dream Maker DPA Program Georgia (GA)
Invest Atlanta/Urban Residential Finance Authority Georgia (GA)
City of Raleigh Citywide Homeownership Program DPA North Carolina (NC)
NCHFA Home Advantage Mortgage Loan Program Includes MCC North Carolina (NC)
NCHFA Home 1st Home Advantage Mortgage Loan Program North Carolina (NC)
Community Partners Loan Pool North Carolina (NC)
City of High Point North Carolina (NC)
City of Wilson North Carolina (NC)
Town of Davidson North Carolina (NC)
Beyond Housing Missouri (MO)
Beyond Housing City of Florissant Missouri (MO)
Beyond Housing   Jefferson County Missouri (MO)
Beyond Housing City of St. Charles Missouri (MO)
Beyond Housing City of O’Fallon Missouri (MO)
Beyond Housing St. Charles  County Missouri (MO)
Beyond Housing  St Louis County Missouri (MO)
NHD Home is Possible Nevada (NV)
Nevada Housing Division: Home Possible for Teachers Nevada (NV)
NHD Home is Possible Heros HIP-H Nevada (NV)
Nevada Partners, Inc. Nevada (NV)
Nevada Rural Housing Home At Last Nevada (NV)
AAAH &OHCS Oregon (OR)
Home Forward GOALS Savings Oregon (OR)
VIDA Savings for Life Oregon (OR)
Clackamas County DPA Oregon (OR)
SC State Housing Homebuyer Program South Carolina (SC)
SC Housing Palmetto Home Advantage South Carolina (SC)
SC Housing FHA HHF DPA South Carolina (SC)
SC State Housing Homebuyer Program South Carolina (SC)
Community Works Carolina South Carolina (SC)
Texas Veterans Land Board Texas (TX)
Texas SETH – 2nd Texas (TX)
Texas SETH AIS Grant Texas (TX)
Texas SETH Grant Includes MCC Texas (TX)
Texas State Affordable Housing Corp (TSHAC) Includes MCC Texas (TX)
Texas State Affordable Housing Corp (TSHAC) 0% DPA 2nd Includes MCC Texas (TX)
Texas Department of Housing & Community Affairs – TDHCA Texas (TX)
Harris County – Stand alone MCC or can be combined with SETH 5 Star Advantage Program Texas (TX)
Travis County Hill Country Home Grant DPA Texas (TX)
City of Arlington HAP Texas (TX)
City of San Antonio, First Responders (FRHAP) Program Texas (TX)
City of San Antonio, Homeownership Incentive Program (HIP) DPA Program Texas (TX)
City of Houston Texas (TX)
Grand Prairie Buying Power Grant Texas (TX)
Veterans of Foreign Wars Grant ALL
Chickasaw Nation Citizens only DPA Grant Oklahoma (OK), National