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DOWN PAYMENT ASSISTANCE

Down Payment Assistance Programs Help You Access Funds for Your Home Loan

Available for First-Time and Seasoned Homebuyers with Low-to-Moderate Incomes

We can help you access Down Payment Assistance (DPA) funds for your down payment and/or closing costs. Most DPA programs are provided by local city, county, state or federal housing authorities.

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Qualifying for Down Payment Assistance

  • Meet the eligibility requirements for income and credit history*.

  • Utilize a Down Payment Assistance program that is acceptable to your lender.

  • Choose a loan solution that is authorized by the Down Payment Assistance program.

  • The property must be owner-occupied by a first-time homebuyer or family who has not owned or had an ownership interest in any principal residence during the last three years.

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* Requirements can vary based upon the type of loan solution

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Down Payment Assistance for Conventional Loans

  • Up to 5% Down Payment Assistance from Fannie Mae (Fannie Mae HFA Preferred™) or Freddie Mac (Freddie Mac HFA Advantage®)

  • 105% Combined Loan-to-Value (CLTV) with select DPA programs

  • State-specific DPA and non-Bond programs with various percentage options depending on the rate

  • Zero percent interest with forgivable Down Payment Assistance on select programs

  • DPA income and purchase price limits apply

Down Payment Assistance for FHA, VA and USDA Loans

  • DPA allowed on FHA, VA and USDA home loans (State-specific options)

  • For 30-year, fixed-rate home loans

  • 100% Combined Loan-to-Value (CLTV) with VA or USDA loan solutions

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Types of Down Payment Assistance Programs

  • The amount you can receive depends on the DPA program.

  • Some cap assistance at a certain dollar amount.

  • Many regional programs offer bonds and grants, including forgivable options.

  • There are multiple levels of assistance. 

Your TSM Loan Originator will help you investigate Down Payment Assistance program options for your home loan.  

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Down Payment Assistance must be repaid when the loan reaches maturity, the home is sold or refinanced or upon transfer of ownership or primary residence.

Connect with a Loan Originator Today!

By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

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