626-701-4159 help@houseloop.com

Down Payment Assistance

We have programs that can help with your down payment.

Not having a down payment is not a problem. In fact you are not alone if you do not have a down payment. According to the Realtors Confidence Index Survey Report, 81% of first-time home buyers buy with less than 20% down.

For many first-time home buyers, coming up with a down payment is difficult. Maybe you’re saving up to start a family or you’ve got student loans eating into your income.

If you are ready to buy a home now, there maybe a first-time home buyer grants or programs available to help you complete your loan.

1 – Local First Time Home Buyer Grants

Most first-time homebuyer grants are income dependent and location specific. Most counties in each state have their own first-time homebuyer programs and set the requirements for each.

To find programs in your local area, do a google search for first time buyer grants in [your city and state]

It is important to pay attention to these programs because some of them actually require you to repay them if you only live in the home for a short period of time. The grants are usually forgivable over a period of time. For example, 20% of the grant might be forgiven each year for five years.

2 – HUD Good Neighbor Next Door

Though it’s not strictly limited to first-time homebuyers, the Good Neighbor Next Door program from the Department of Housing and Urban Development (HUD) can help you save big on a home. These programs includes special offers for:

+ Law enforcement officers

+ Firefighters

+ Emergency medical technicians

+ Teachers

3 – National Home Buyers Fund

The NHF offers one of the few multi-state first-time homebuyer grants. The down payment assistance program provides up to 5% of the loan amount. This is a non-repayable grant, which means you don’t have to pay it back.

This program has income criteria related to FHA, VA, and USDA loans.

4 – VA Loans & Adapted Housing Grants

If you’re a veteran or currently active duty, you might qualify for a VA loan. The advantage here is that you won’t need to make a down payment at all.

On top of that, the VA also offers Adapted Housing Grants. These will help you purchase a home adapted for your service-related disability. So, if you have a disability related to your service, it’s possible for you to receive a grant that goes toward purchasing an adapted home. Additionally, the grant also applies if you need to make upgrades to a home in order to make it accessible.

5 – USDA Loans

If you don’t mind living in an area considered rural, you can get a home loan using the Department of Agriculture program. USDA loans help those with low and moderate incomes buy homes in rural areas.

You don’t need a down payment to participate, although you need to meet certain income requirements.

Talk with Loan Officer (626) 701-4159