{"id":105495,"date":"2025-09-05T09:43:53","date_gmt":"2025-09-05T16:43:53","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=105495"},"modified":"2025-10-15T09:36:48","modified_gmt":"2025-10-15T16:36:48","slug":"pros-and-cons-of-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/pros-and-cons-of-down-payment-assistance\/","title":{"rendered":"10 Pros and Cons of Down Payment Assistance Programs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">For many future homebuyers, the hardest part of purchasing a home isn\u2019t finding the right place, it\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-save-for-a-downpayment-in-7-steps\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">saving up for a down payment<\/span><\/a><span style=\"font-weight: 400;\"> and closing costs. Down payment assistance programs can help renters become homeowners sooner by covering part or all of these upfront costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll cover 10 pros and cons of down payment assistance. Whether you\u2019re looking to buy a <\/span><a href=\"https:\/\/www.redfin.com\/city\/517\/CA\/Anaheim\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Anaheim, CA<\/span><\/a><span style=\"font-weight: 400;\">, or a <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">townhouse in Atlanta, GA<\/span><\/a><span style=\"font-weight: 400;\">, you\u2019ll have the answers about whether down payment assistance is right for you.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Key takeaways<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payment assistance<\/b><span style=\"font-weight: 400;\"> can help make buying a home more affordable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loans, grants, and credits<\/b><span style=\"font-weight: 400;\"> are the three main types of assistance programs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pros: <\/b><span style=\"font-weight: 400;\">Buying a home sooner, deferred repayment, less financial strain.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cons:<\/b><span style=\"font-weight: 400;\"> Qualification and occupancy requirements, longer closing, paying more over time.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is down payment assistance?<\/span><\/h2>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/down-payment-assistance-programs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Down payment assistance<\/span><\/a><span style=\"font-weight: 400;\"> helps lower the cost of buying a home by reducing the down payment or closing costs. These <\/span><a href=\"https:\/\/www.redfin.com\/guides\/first-time-home-buyer-programs\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">programs<\/span><\/a><span style=\"font-weight: 400;\"> are offered at the federal, state, and local levels, and are often aimed at first-time buyers or those with low-to-moderate incomes.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Types of down payment assistance programs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are three main types of down payment assistance programs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loans: <\/b><span style=\"font-weight: 400;\">These are often second mortgages that help you cover your down payment or closing costs. They\u2019re typically deferred-payment loans, meaning you don\u2019t have to repay them until you sell, refinance, or pay off your first mortgage. Some loans can be partially forgiven after living in the home for a certain amount of time.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Grants: <\/b><span style=\"font-weight: 400;\">Typically, you don\u2019t have to pay back grants. However, you may need to meet specific eligibility rules, such as income caps or staying in the home for a certain period, for the grant to be fully forgiven.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credits:<\/b><span style=\"font-weight: 400;\"> Also called \u201cmortgage credit certificates,\u201d credits help reduce the amount you pay in federal taxes on your mortgage interest. State or local housing agencies usually issue these credits, which can help you save money each year you own the home.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">10 pros and cons of down payment assistance programs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are pros and cons to down payment assistance programs to consider before applying for one.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5 pros of down payment assistance<\/span><\/h3>\n<ol>\n<li><b> You can buy a home sooner: <\/b><span style=\"font-weight: 400;\">The biggest advantage of a down payment assistance program is that homeownership becomes easier to achieve. If the biggest hurdle in your way is <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-save-for-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">saving for a house<\/span><\/a><span style=\"font-weight: 400;\">, then assistance programs can help open the door.<\/span><\/li>\n<li><b> Grants don\u2019t require repayment: <\/b><span style=\"font-weight: 400;\">Most grants are essentially free money, as long as you meet the program\u2019s conditions.<\/span><\/li>\n<li><b> Some loans may be forgiven: <\/b><span style=\"font-weight: 400;\">Depending on the program, some loans may be partially or fully forgiven. There are usually requirements, such as living in your home for a certain number of years.\u00a0<\/span><\/li>\n<li><b> Less financial strain: <\/b><span style=\"font-weight: 400;\">Assistance programs can reduce down payment and closing costs, which can make it easier to afford a home, and put less stress on your finances.\u00a0<\/span><\/li>\n<li><b> Room to invest: <\/b><span style=\"font-weight: 400;\">If you have some funds leftover after purchasing, you may be able to use leftover funds for renovations, emergency reserves, or other investments.<\/span><\/li>\n<\/ol>\n<h3><span style=\"font-weight: 400;\">5 cons of down payment assistance<\/span><\/h3>\n<ol>\n<li><b> Qualifying may be difficult:<\/b><span style=\"font-weight: 400;\"> Every program has unique requirements, which may be difficult to meet based on your financial situation, location, and long-term goals. Many programs have income limits and may require you to live in the home for at least 5 years to avoid repayment.<\/span><\/li>\n<li><b> Your lender may not accept assistance programs: <\/b><span style=\"font-weight: 400;\">Some lenders don\u2019t accept assistance programs, so you may not be able to use one even if you qualify. It\u2019s important to find the right mortgage lender who meets your needs.\u00a0<\/span><\/li>\n<li><b> You could pay more in the long run: <\/b><span style=\"font-weight: 400;\">Most loans require repayment after a certain number of years, which means you may end up paying more in the<\/span> <span style=\"font-weight: 400;\">future.\u00a0<\/span><\/li>\n<li><b> Closing can take longer: <\/b><span style=\"font-weight: 400;\">Using down payment assistance can complicate the closing process, as you may need to wait for the funds to arrive or have a second underwriting process.<\/span><\/li>\n<li><b> There may be property requirements:<\/b><span style=\"font-weight: 400;\"> Most programs require that the home you purchase is your <\/span><a href=\"https:\/\/www.redfin.com\/blog\/primary-residence-meaning\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">primary residence<\/span><\/a><span style=\"font-weight: 400;\">, meaning that you live there full-time. They may also have requirements that you live in the home for a specific amount of time, and if you move out before that time is up, you\u2019ll need to repay any loans or grants.\u00a0<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Is down payment assistance right for me?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you meet income requirements and plan to stay in your home for years to come, then a down payment assistance program may be the right choice for you. If you don\u2019t plan on staying in the home as your primary residence or don\u2019t meet the qualifications, then down payment assistance may not be the best option.\u00a0<\/span><\/p>\n<p><b>Next step: <\/b><span style=\"font-weight: 400;\">You can speak to a <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">real estate agent<\/span><\/a><span style=\"font-weight: 400;\"> or mortgage lender familiar with local programs. They can help you compare your options and see if DPA aligns with your financial goals.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FAQs about down payment assistance\u00a0<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Who is considered a first-time homebuyer?<\/span><\/h3>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/first-time-homebuyer-qualifications\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">First-time homebuyers<\/span><\/a><span style=\"font-weight: 400;\"> are individuals who have never owned a home or have not owned a primary residence in the last 3 years.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How much can you receive from down payment assistance programs?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The amount you receive from down payment assistance programs varies widely depending on the program\u2019s details. For example, Fannie Mae\u2019s <\/span><a href=\"https:\/\/homepath.fanniemae.com\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">HomePath Ready Buyer\u2122 Program<\/span><\/a><span style=\"font-weight: 400;\"> (a federal assistance program) offers up to 3% in closing cost assistance to first-time homebuyers purchasing a HomePath Property.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is a second mortgage?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A <a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-second-mortgage\/\" data-wpel-link=\"exclude\">second mortgage<\/a> is a second loan on top of your first mortgage. Second mortgages are usually used to cover down payments or closing costs. It depends on the program when you need to repay these loans or if they are partially or fully forgiven.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Are there alternatives to down payment assistance?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are several low and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-house-with-no-money-down\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">no-down-payment loans<\/span><\/a><span style=\"font-weight: 400;\"> available that you may qualify for, like FHA loans, VA loans, and USDA loans. Other alternatives include a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/rent-to-own-homes\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">rent-to-own program<\/span><\/a><span style=\"font-weight: 400;\"> or obtaining gift funds from family members. Your state may also offer a <a href=\"https:\/\/www.redfin.com\/blog\/first-time-home-buyer-savings-account\/\" data-wpel-link=\"exclude\">first-time homebuyer savings account<\/a>.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out the pros and cons of down payment assistance programs to decide if using one of these programs is right for your homebuying goals.<\/p>\n","protected":false},"author":537,"featured_media":88051,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34529,34629,34642],"coauthors":[33440],"class_list":["post-105495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-buying-faq","tag-first-time-homebuyer","tag-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>10 Pros and Cons of Down Payment Assistance | Redfin<\/title>\n<meta name=\"description\" content=\"Find out the pros and cons of down payment assistance programs to decide if using one of these programs is right for your homebuying goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/pros-and-cons-of-down-payment-assistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Pros and Cons of Down Payment Assistance Programs\" \/>\n<meta property=\"og:description\" content=\"Find out the pros and cons of down payment assistance programs to decide if using one of these programs is right for your homebuying goals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/pros-and-cons-of-down-payment-assistance\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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