Down Payment Assistance (DPA) Programs for Homebuyers

Dated: July 17 2021

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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.

 

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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 >>

 

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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 >>

 

FHA logo

FHA Down Payment Assistance Program

  • We work with select investors that offer up to 2% of the purchase price as a grant for a down payment.
  • FHA requires only 3.5% down, which means you could put down as little as 1.5%.
  • Available in IL, FL, MI, and TN.

Call to see if you qualify  learn more >>

 

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Jonathan Eduardo

Jonathan Eduardo graduated from DePaul University’s Kellstadt Graduate School of Business with a Masters in Real Estate. Starting off his professional career in the real estate business as well as b....

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