What are down payment assistance programs?



What are down payment assistance programs?

Down payment assistance (DPA) programs are locally-supported initiatives that give away cash grants, cheap loans, and tax breaks to buyers of U.S. homes. The programs are funded and administered by government agencies, private foundations, and local charities; and, offer up to 100% financing on homes.

How much down payment assistance do you get in Georgia?

The program includes down payment assistance loans of $7,500 for most buyers, or $10,000 for teachers, health care providers, active duty service members, and public employees. Get all the details from the GDHP website. And check out HUD’s list of other DPA programs in Georgia.

How much down payment assistance can I get in New York?

The State of New York Mortgage Association (SONYMA) offers down payment assistance loans when you use the association’s mortgage program to finance your home purchase. You could borrow 3% of your home’s purchase price up to $15,000, with a minimum loan amount of $1,000.