Celebrating National Homeownership Month with Dustin Overton (Blue Marlin Real Estate)

.What Is Down Payment Assistance?

Down payment assistance (or DPA) programs are exactly what they sound like: resources that help you with the upfront costs of buying a home. That usually means help with your down payment, but many programs also cover:

• Closing costs
• Prepaid expenses
• Interest rate buydowns
• Even your buyer’s agent commission (yep — 67 programs currently allow this!)

In short, DPA doesn’t just help with that big chunk of cash at the beginning — it can also reduce your monthly mortgage and the total amount you repay over time.

Think You Don’t Qualify? Think Again.

One of the biggest myths about DPA is that it’s only for low-income buyers or first-timers. The truth might surprise you.

• You don’t need to be low-income: For most programs, income limits are based on where you live — and those limits can be higher than you think.
• Your credit doesn’t have to be perfect: If your score is close to what lenders require, you could still qualify.
• You don’t have to be a first-time buyer: Nearly 40% of programs are open to repeat buyers. And even if you’ve owned a home before, you’re considered a “first-time buyer” again if it’s been more than three years since you last owned.
• You don’t have to buy a traditional house: Almost 1,000 programs support manufactured homes. More than 800 cover multifamily properties (like duplexes or fourplexes), which means you can live in one unit and rent out the rest to offset your mortgage.

What Does the Help Look Like?

There’s no one-size-fits-all when it comes to DPA. But here’s a glimpse of what many programs offer:

• 57% offer second mortgage loans — usually at low or no interest.
• 80% of those have deferred payments — so you don’t pay anything until you sell or refinance.
• 53% offer partial or full forgiveness — the longer you stay in your home, the more of the loan is forgiven.
• 177 programs are grants — free money you never have to pay back.

These programs can reduce your loan-to-value (LTV) by about 6% on average — which could make it easier to qualify for a mortgage and lower your monthly payments.

Finding Help Is Easier Than Ever

If you’ve been house-hunting on Zillow, you may have already seen some of these programs in action. Thanks to our partnership with Zillow, you can now view available down payment assistance options right inside many home listings.

Since we teamed up in 2021, more than five million home shoppers have used DPR tools on Zillow. And here’s the amazing part: 93% of those users matched with at least one program.

That means chances are good that there’s help out there for you, too.

Your Homeownership Journey Starts Here

If you’ve been sitting on the sidelines, waiting to save up a big down payment — this could be your moment. You don’t have to go it alone.

Down Payment Resource is here to help you:

• Discover assistance programs you’re eligible for.
• Learn how those programs can fit into your homebuying journey.
• Connect with real estate agents and lenders who understand DPA and can guide you through the process.

Let’s Make Homeownership Happen

This National Homeownership Month, let’s rewrite the story of what it takes to buy a home. Down payment assistance isn’t a secret, or a long shot — it’s a powerful, practical resource that’s helping people across the country take that all-important first step.

Your dream of owning a home may be closer than you think.

Looking to purchase a home? Find down payment programs in your area today and see if you’re eligible!