DOWN PAYMENT ASSISTANCE
Down Payment Assistance Programs Help First-Time Homebuyers Access Funds for Your Home Loan
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.
Qualifying for Down Payment Assistance
Meet the eligibility requirements for income and credit history. These may vary depending on the type of loan solution.
Utilize a Down Payment Assistance program that is acceptable to your lender and the loan solution. Authorized loan solutions include Conventional, FHA and VA loans.
DPA options are available for both first-time and seasoned homebuyers
Down Payment Assistance for Conventional
& FHA Loans
3% Down Payment Assistance from Fannie Mae on a loan with Loan-to-Value (LTV) maximum of 97%
5% Down Payment Assistance from Freddie Mac on a loan with Loan-to-Value (LTV) maximum of 95%
105% Combined Loan-to-Value (CLTV) with Down Payment Assistance
DPA Programs include:
Fannie Mae HFA Preferred
Freddie Mac HFA Advantage
Types of Down Payment Assistance Programs
The amount you can receive depends on the program. Some offer a percentage, typically 3-5% of the the total loan amount while others cap assistance at a certain dollar amount.
Your TSM Loan Officer will help you find a Down Payment Assistance that may be a fit for your home loan.