Buy a Home With Down Payment Assistance

Down payment assistance provides financial support for borrowers who qualify to buy a house.

While a mortgage loan generally covers most of the purchase price for a house, the down payment is usually the sticking point that delays a buyer from becoming a homeowner sooner. 

Mindful Money has helpful down payment assistance resources for home buyers in Arizona, California and Colorado.

Does Down Payment Assistance Require Repayment?

Certain down payment assistance programs offer forgiveness after various time frames if the borrower lives within the property.

Some down payment assistance programs may require a repayment if the borrower refinances or sells the home. 

Are Home-Buyer Grants Available? 

Home-buyer grants may be available in certain areas.

Grants typically do not require repayment.

Clarify specific grant requirements with a mortgage broker.

Buying a Home in Arizona With Down Payment Assistance 

Home Plus - provides up to 4% toward the down payment and closing costs for home buyers throughout the state of Arizona.

Arizona is Home - Available in most counties, this program has an annual funding limit that allocates 4% toward an eligible buyer’s closing costs and a below-market, 30-year fixed-rate mortgage.

Buying a Home in California With Down Payment Assistance

My Home Assistance Program - is a deferred second mortgage that offers first-time home buyers a 3% or a 3.5% down payment for conventional and FHA mortgage loans, respectively. The funds may also be used toward a buyer’s closing costs. 

California Housing Financing Agency - extends financing to low-to-moderate income families for low-rate mortgage loans. Junior liens are secured against the borrower’s home if assistance is needed for a down payment or closing costs. 

Buying a Home in Colorado With Down Payment Assistance

Colorado Housing and Financing Authority - offers grants and second mortgage loans for home buyers who need down payment assistance or help with closing costs.

MetroDPA - offers interest-free deferred loans for home buyers in the Denver area to assist with a down payment or closing costs.

Speak With a Mortgage Broker About Down Payment Assistance 

Locating the best down payment assistance programs for home buyers could require extensive research.

However, a licensed Mindful Money mortgage broker can explain the benefits of local down payment assistance programs for first-time home buyers.

Speak with Samantha Cooley today about ways to buy a home with down payment assistance programs.