{"id":20280,"date":"2024-07-31T08:00:27","date_gmt":"2024-07-31T15:00:27","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=20280"},"modified":"2025-05-08T08:56:15","modified_gmt":"2025-05-08T15:56:15","slug":"buyer-down-payment-grants","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-down-payment-grants\/","title":{"rendered":"The 7 Best National Down Payment Assistance Programs for Buyers"},"content":{"rendered":"

You\u2019re dreaming of buying a home<\/a>, and you\u2019ve already got your paint swatches and furniture all picked out. The only problem? You\u2019re not sure you have enough funds for a down payment<\/a>. Is there such a thing as down payment grants?<\/p>\n

It\u2019s a common challenge for buyers, especially those moving into homeownership for the first time. In fact, according to the National Association of Realtors (NAR) 2023 Profile of Home Buyers and Sellers<\/a>, 38% of first-time buyers reported that saving for a down payment was the most challenging part of the homebuying process.<\/p>\n

There are a lot of misconceptions around down payments that prevent would-be buyers from getting in the game. For example, almost half of Americans believe you need to put 15%-20% down on a home (not true<\/a>!), when in reality, the typical down payment for first-time buyers<\/a> is just 8%.<\/p>\n

If you\u2019re ready to buy a home but you don\u2019t have a ton of money saved, you may be able to afford a larger down payment<\/a> than you think \u2014 with a little help.<\/p>\n\n\n\n\n\n

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Save thousands when buying a home<\/h3>\n

HomeLight-recommended real estate agents are top-tier negotiators who understand the market data that helps you save as much as possible when buying your dream home.<\/p>\n \n

\n Find a top buyer's agent<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n

There are tons of programs out there to help buyers get into homes, from loans that offer down payments as low as 3%, to special grants for first-time buyers.<\/p>\n

We talked to top real estate agent Claire Paris<\/a>, who sells homes 46% faster than the average agent in Portland, Oregon<\/a>, to walk us through what buyers can expect from down payment assistance programs and how you can find one in your area.<\/p>\n

<\/div>\n

What\u2019s down payment assistance, or a down payment grant?<\/h2>\n

Not every buyer has a huge stash of money saved up to buy a home. Though many loan programs go as low as 3% down, that\u2019s still beyond the means of many homebuyers \u2014 especially those in hyper-competitive or expensive real estate markets.<\/p>\n

Plus, for many Americans, it\u2019s simply not feasible to wait to buy a home until they\u2019ve saved up for a down payment.<\/p>\n

Thankfully, there are tons of programs out there to help regular homebuyers achieve home ownership, even if they don\u2019t have anywhere close to 20% saved up.<\/p>\n

There are two main types of down payment assistance programs.<\/p>\n

Down payment grants<\/h3>\n

Down payment grants are gifts that help you make a down payment on a home. These down payment assistance (DPA) grants tend to be issued on a local level, so you\u2019ll need an experienced real estate team<\/a> to help you track them down.<\/p>\n

Many of these are matching programs, where the fund matches your savings 1:1, 2:1, 3:1, or in some cases, even 4:1 \u2014 typically, the matching will cap when your down payment reaches 20% of the home\u2019s purchase price.<\/p>\n

The best part about these down payment grants? They usually don\u2019t need to be paid back if you follow all the program guidelines. Free money? Yes please!<\/p>\n

Second mortgages<\/h3>\n

Another way you can get down payment assistance is by taking out a second mortgage<\/a>. This might sound like a scary option, but hear us out!<\/p>\n

Some of these DPA loans have deferred payments until you sell or refinance<\/a> the home, and others are forgiven completely once you\u2019ve lived in the home a certain number of years. Plus, many of these down payment-oriented second mortgages feature low- or no-interest options. So, if you plan to stay put for a bit, a second mortgage might be a solid option for you.<\/p>\n

Many DPA programs can be used to cover closing costs<\/a>, too, as that\u2019s another large chunk of change you\u2019ll owe at closing.<\/p>\n

One other thing to note is that the majority of these programs are available on a local level. Though there are a few national options (we\u2019ll get to those soon!), there are thousands of programs available at the state and local levels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Down payment assistance programs are shown to save home buyers an average of $17,700. Experts walk through how to take advantage of down payment grants.<\/p>\n","protected":false},"author":123,"featured_media":20288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,630,629],"tags":[],"class_list":["post-20280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-down-payments","category-home-financing"],"acf":[],"yoast_head":"\nDown Payment Grants Can Save Buyers $17,700: Here\u2019s How to Get One<\/title>\n<meta name=\"description\" content=\"Down payment assistance programs are shown to save home buyers an average of $17,700. 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