EmailCall

Down Payment Assistance (DPA) Programs for Homebuyers

 

helpbutton

or call 855-610-1112

One of the most common challenges homebuyers face is coming up with cash for the down payment. But with down payment assistance (DPA) programs, there’s a solution to help you on your path to homeownership.

DPA programs help home buyers by providing loans, grants, or tax credits to lessen this amount of upfront costs to qualify for a mortgage. Depending on the program, you can use the money for your down payment, closing costs, or both.

The programs are offered by state housing finance agencies, cities and counties, housing authorities,and non-profit groups. Program qualifications, availability, and details vary from state-to-state and county-to-county.

DPA programs available in states we lend in.

 

Chicago-muni-flag

Chicago’s Home Buyer Assistance Program

  • Offered by the Chicago City Council for Cook County residents.
  • Available to individuals and families who are buying or refinancing. 
  • Assistance covers up to 7% of the total loan amount for down payment and closing costs.

Call to see if you qualify  learn more >>

 

ihda logo2

Illinois Housing Development Authority (IHDA) Programs

  • IHDA offers five different programs, including grants for $6,000, $7,500, and $10,000 for the down payment and closing costs.
  • Available throughout the state of Illinois but varies by county.
  • Allows for as small as a 1% down payment.

Get the how-to ebook  learn more >>

 

FAQ - Common DPA program questions.

 

Not necessarily. Most programs define a “first-time homebuyer” as someone who has not owned a home in three years. In addition, some programs do not make this a qualification requirement.

If you don’t think you qualify for a DPA program, don’t lose hope! You’d be shocked - many home buyers assume they need down payment assistance when they actually qualify for other mortgage options with better rates and fees. Reach out to one of our loan officers and we can walk you through what other options you have.

DPA programs that are grants will run out of funding. Make sure to check with our team to make sure there are funds left before you begin the process.

Not at all - unless there are some abnormalities to your home purchase. The length of your close more often than not comes down to the quality of your mortgage lender.

If the DPA program you’re qualifying for has a homebuyer education course, complete the course as soon as possible. When programs have this requirement, you will not be able to close on your home until it’s complete.

Reach out to us for more help.

 Send us a message about DPA programs you’re curious about and see what options you have.