Down Payment Assistance

Home Possible Logo

Home Possible

The Freddie Man Home Possible® mortgage offers more options and credit flexibilities than ever before to help low to moderate income borrowers attain their dream of owning a home. In addition to its down payments requirements of as little as 3%, Home Possible offers competitive pricing and the ease of a conventional mortgage.

  • Minimum 3% down payment
  • Down payment assistance allowed. Down payment can come from a variety of sources, including family, employer-assistance programs and secondary financing
  • Purchase and no cash out refinance available
  • Income limits apply
  • Eligible for 1-4 units, condos, and planned-unit developments
  • Homeownership education required for first-time homebuyers
  • Fixed-rate mortgages with 15, 20, and 30 year terms.
Home Ready Logo

Home Ready

The home ready program through Hallmark is designed for creditworthy, low to moderate income borrowers. It provides expanded eligibility and flexibility for financing homes in designated low income, minority and disaster impacted communities while supporting sustainable homeownership. Are you HomeReady?

  • Available for purchase or refiance
  • Purchase a 1-unit primary residence, condo, 2-4 unit property, planned unit development
  • Reduced monthly mortgage insurance
  • Income limits apply
  • First-time homebuyer permitted
  • Homebuyer education is required
  • Down payment may be gifted 3% minimum borrower contribution required for down payment on multi-unit properties

IHCDA Loan Products

Achieve the dreams of home ownership with little to no money out of pocket using the Indiana Housing & Community Development Authority (IHCDA) down payment assistance programs. Assistance is based on the loan type and eligible homeowners can receive a forgivable grant of up to 4% of the home’s purchase price that can be applied toward down payment, closing costs or obtaining low interest fixed rate loans. Below is a brief overview of the programs that are offered:

IHCDA First Place
  • First-time homebuyer only, unless borrower is in a qualified census tract or a veteran
  • FHA 30 Year fixed rate loans only (set by IHCDA)
  • Single-family residence
  • Down Payment Assistance (DPA) of up to 6%, may be used for downpayment, closing costs and pre-paids
Mortgage Credit Certificate
  • First time homebuyer unless purchasing in a targeted area
  • Income and Acquisition limits apply
  • 30 year fixed rate (lender sets rate)
  • Federal Tax benefit
  • FHA, Conventional, VA or USDA Rural Housing financing eligible
  • Not eligible for multiple parcels
Next Home
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • FHA financing only
  • DPA – 3.5% of purchase price or appraised value, whichever is less
  • Multiple parcels allowed
  • Not eligible to receive any cashback at closing
  • Does not have to be a first-time homebuyer
  • Can be combined with MCC – MCC guidelines apply including requirement be first-time homebuyer unless purchasing in a targeted area
Next Home Combo
  • First time homebuyer unless purchasing in a targeted area
  • Income and Acquisition limits apply
  • 30 year fixed rate (set by IHCDA)
  • Federal Tax benefit
  • FHA financing only
  • DPA 3.5% of purchase price or appraised value, whichever is less

MSHDA Loan Programs

For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MSHDA Home Loan Program with Michigan Down Payment Assistance is designed to make it a little easier for qualified homebuyers in targeted areas.

MSHDA Home Loan Flex Program
  • Michigan Down Payment Assistance of 4% of the purchase price. Up to $7,500
  • Available to first-time and repeat homebuyers statewide.
  • Income limits can vary depending on family size and property location.
  • Maximum sales price is $224,500 statewide.
  • Available for FHA only up to 97% LTV.

OHFA Loan Products

The Ohio Housing Finance Agency (OHFA) offers several affordable loan options to help you achieve the dream of homeownership. OHFA offers mortgage loans with generous income and purchase price limits that are designed for home buyers with low to moderate-income. OHFA loans can help homeowners with down payment and closing costs.

Ohio Heroes
  • OHFA rewards Ohio residents who serve the public with a discounted mortgage interest rate and all the benefits of a first-time homebuyer
  • Down payment assistance available
  • Income limits and purchase price limits apply
Next Home
  • Home will serve as primary residence
  • Homebuyer education required
  • Down payment assitance available in the amounts of 2.5% or 5%
Your Choice! Down Payment Assistance
  • Free homebuyer education required
  • Income limits and purchase price limits apply
  • Down payment assistance available in the amounts of 2.5% or 5%
Grants for Grads
  • First time homebuyer only
  • Income and purchase price limits apply
  • Down payment assistance available in the amounts of 2.5% or 5%
  • Free homebuyer education required
  • Debt to income ratios for your loan type must be met
Mortgage Tax Credit
  • First-time homebuyers eligible
  • Down payment assistance available in the amounts of 2.5% or 5% when combined with OHFA’s first-time homebuyer program

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