Updated January 2018
When people who are interested in buying a house visit the Down Payment Assistance Search website, they may be surprised to find out that down payment assistance programs are available in their area.
While interest rates are low, many experts agree that buying a home is one of the best investments you can make over the long-term.
For many people who want to buy a house, saving enough money for a down payment can be a hurdle that seems impossible to overcome.
People who visit the DPASearch.com website can search down payment assistance programs in their area and get matched with a lender who can help them get qualified if a program is available.
How Much Do You Need For a Down Payment?
Recent studies indicate that today’s consumers persistently overestimate the size of a down payment they need to finance a home. According to Zillow, you typically need to have 3 to 20 percent of the selling price as down payment to qualify for a conventional loan.
Freddie Mac points out that there are a number of assistance programs you may be eligible for as outlined:
Working through your state, local, or city government, you may be eligible for:
- Grants: Funds that you do not need to pay back as long as you own and live in your home for a specific period of time.
- Second mortgage loans: The most common down payment source, these have low or no interest rates and the payments are deferred over a specific time period.
- Tax credits: Certain states and local governments, including Housing Finance Agencies, issue mortgage credit certificates which reduce the amount of income tax you pay, thus giving you more available income upfront to make your down payment or pay for closing costs.
Get Help for Free
Getting matched with a lender who can help you with down payment assistance information is a free service provided by DPASearch.com. The site provides a free search tool where you can search down payment assistance programs that are available in your area – regardless of where you live in the United States.
This article is for information purposes and is not a guarantee that down payment assistance is available in your area. To see if you qualify for an available down payment assistance program, it is recommended that you speak with a qualified lender or real estate professional who can help you determine what programs – if any – that you may be eligible for. Down payment assistance program availability can changes frequently and without notice. Sources: