Good news: Finding the down payment money for your first home may not be as daunting as you think. There are several options available to help with the down payment on a house, but many buyers don’t know about them. We’re here to provide several down payment options so you can see if you may be eligible.
Down payment assistance can include loans, grants, tax credits1 and other programs designed to help eligible homebuyers cover down payment or even closing costs. These programs are offered by federal, state, county or local government agencies, nonprofits or employers. Availability and qualification requirements vary by state. The American Dream program, offered by U.S. Bank, helps consumers with limited resources become homeowners, especially low-to-moderate income (LMI) borrowers and in LMI neighborhoods.
As a bank, we partner with Housing Finance Agencies (HFAs), government municipalities and nonprofit partners across the U.S. to make down payment programs available for potential homebuyers. These programs provide first-time homebuyers with money to cover some or all of their down payment. And some programs even help with closing costs.
Down payment assistance comes in many forms, but some of the most common include:
There are several other programs and options out there that can help remove the barriers to homeownership. The range of programs available may vary based on where you’re looking to buy a home. Our knowledgeable mortgage loan officers are a great resource for helping you understand your options.
The requirements for each program vary, but are typically based on your income, the price of the home and your history as a homeowner. Assistance is available only for a home you plan to occupy and isn’t available for vacation homes or investment properties. Many down payment assistance programs are for first-time homebuyers, but don’t count yourself out if you’ve previously owned a home. If you have not owned a home in the last three years, you may be considered a first-time homebuyer.
Since there are hundreds of down payment assistance programs available, it can be a challenge knowing where to start. For more information about what kind of assistance may be available in your area, contact a mortgage loan officer. We can help you navigate your options so you can focus on the fun things, like picking out your new furniture.
Down payments might be one of the most daunting parts of the home-buying process. We understand, it can be a lot of money. But taking advantage of down payment assistance programs such as loans, grants and tax credits1 can put your mind at ease. And we can help guide you through the process.
Prequalification helps you see how much you might be able to borrow.
See how much house you could afford.
Determine your ideal down payment.
Learn how to maximize your credit score.
Read about CRA mortgage loan officers.