Assistance may help eligible buyers with upfront costs. It can be a grant or a separate loan, with rules about qualification, permitted uses and repayment. Review the terms before counting on help.
See what help could cover and what you may owe later.
Explore a goal below. No contact information needed.
Change the price to compare dollar examples. Assistance, repayment rules and approval depend on the program.
$200,000$1,200,000
Down Payment Assistance
2% Grant
Example assistance$8,0002% assistance exampleProgram terms
Get help with eligible upfront costs without having to repay the grant itself. Program approval and eligibility requirements apply.
Terms: No repayment. No second loan for the assistance.
3.5% Grant
Example assistance$14,0003.5% assistance exampleProgram terms
A larger grant could help you keep more of your savings when buying your home. Program approval and eligibility requirements apply.
Terms: No repayment. No second loan for the assistance.
Forgivable Second Mortgage
Example assistance$14,0003.5% assistance exampleProgram terms
Get 3.5% assistance through a 0% second mortgage with no monthly payments. The balance may be forgiven after five years if program requirements are met.
Terms: An early sale, refinance or transfer may trigger repayment.
Repayable Second Mortgage
Example assistance$20,0005% assistance exampleProgram terms
Get 5% assistance through a second mortgage that is paid back over time. Compare its interest and monthly payments with your total financing costs.
Terms: Interest and monthly payments on the second mortgage apply.
For comparison only, these examples use $400,000 multiplied by the listed percentage. Actual programs may use a different calculation base or cap. These are not guaranteed benefits or buyer down-payment amounts. Program approval, location, availability, eligibility and permitted-use rules apply. Loan limits and program caps may limit assistance below these examples. Actual cash needed and loan terms vary.
Conventional
$12,0003% down example. A low-down-payment option for eligible buyers.
FHA
$14,0003.5% down example. Assistance may help eligible buyers.
VA
$00% down example. For eligible military buyers.
These examples show down payments, not all the cash you need to buy. Other closing costs apply. You must meet program and lender rules and loan limits. Assistance is not guaranteed.
FHA3.5%Assistance may help eligible buyers.Details +
$14,0003.5% down-payment example on a $400,000 home.
Eligible borrowers may use FHA financing with 3.5% down. Credit, property and other requirements apply.
Approved assistance may help with upfront costs. It has separate rules and is not available to every buyer. FHA mortgage insurance is required, and closing costs may still apply.
$0Down-payment example on a $400,000 home; other costs may apply.
Eligibility and entitlement matter. Your lender also reviews credit, income, occupancy and the property.
Your available VA loan benefit and the home's appraised value can affect whether you need a down payment. A VA funding fee may apply unless you qualify for an exemption.
A gift and an assistance loan follow different rules. Tell the lender where the money comes from.
What cash might still be needed?
Assistance is separate from the required down payment. Fees and costs paid ahead may still apply.
Could a low-down option fit?
Compare all the money needed, not just the down payment. Eligibility and lender rules still matter.
A few good questions
Is all assistance a grant?
No. Some is a separate loan.
Does no monthly payment mean no repayment?
No. Repayment may be postponed.
Can any program work with any mortgage?
No. Their rules must work together.
How should I read this example?
Start with our four assistance programs, then compare conventional 3%, FHA 3.5% and eligible VA 0% down examples. Move the home-price slider to see percentage-based examples change. Assistance is separate from the required down payment. A grant or second loan may cover only allowed costs, and you may still need money at closing. Program approval and availability must be confirmed.
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