Down Payment Assistance (DPA)

• Are you ready to buy a home now but don't have down payment money?
• Do you need money for closing costs?
• Do you plan to stay in your new home for several years?

You may be able to buy a home now instead of waiting to save a big down payment with help from a home down payment assistance (DPA) program. Planet Home Lending can connect you with down payment and closing cost assistance programs where you want to buy a home.

What is Down Payment Assistance?

It's money for your down payment from a homeownership program run by states, counties, other jurisdictions, and even some employers. Some programs also help with closing costs.

Sometimes the money is a forgivable loan. If you live in the home for a certain number of years, the loan gets forgiven, meaning you don't have to pay it back. Other times it's a low-interest rate loan.

Every DPA program is unique, and Planet Home Lending participates in lots of them. Give us a call and we can check to see what's available in your area: 888-966-9044.

We’re here to help you thrive throughout your journey home!

Down Payment Assistance FAQs

Do I have to be a first-time homebuyer to qualify for down payment assistance?

Not necessarily. Repeat homebuyers can use some DPA programs. But some DPA programs aren’t open to people who own a residence they’re living in at the time of closing on a new home.

What is the definition of a first-time homebuyer?

For the purposes of down payment assistance mortgage programs, a first-time buyer is typically someone who hasn’t owned a home over the past three years.

Will I need to use all the money in my savings account toward the down payment before I can qualify for down payment assistance?

Not at all. Using a DPA program lets you hold onto savings you may need for other expenses.

Are down payment assistance programs only for low- to moderate-income people?

Some DPA programs have income limits, and some don't. Give us a call at 888-966-9044 to discuss DPA programs where you want to buy a home.

Are down payment assistance programs available in my state?

Virtually every state offers down payment assistance programs! Some examples are Texas, Florida, Arizona, California, North Carolina, Ohio, Illinois, Michigan, New York, Pennsylvania, Georgia, and Colorado. There are also nationwide DPA programs.

Get in touch with one of our mortgage professionals to learn more about what’s available where you want to buy: 888-966-9044.

What are the restrictions on down payment assistance programs?

That depends on the program.

Some DPA programs are limited to people at or below a certain income, others are open to all.

You may have to buy in a certain region, but other DPA programs are nationwide.

There may also be requirements related to your credit score, debt-to-income status, and military or public service status.

There are special DPA programs for active military, veterans, schoolteachers, and first responders — as well as others that aren’t dependent on your job or profession.

You may also have to take a homebuyer education class.

Get in touch with one of our mortgage professionals today: 888-966-9044. See why our motto is, “We’ll get you home.”