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Down Payment Assistance Programs

Down payment assistance (DPA) programs help home buyers with mortgage loans or grants that help reduce the amount they need to save for a down payment and/or closing costs.* There are several programs available across the nation, so please reach out to us to learn about the DPA programs near you.

 

Here are some of the popular DPA programs available in Colorado, Texas, and Utah...

Colorado DPA Programs Click to open answer

CHFA Home Loans

CHFA Participating Lender

The following are some of CHFA’s general requirements:

  • All borrowers have a mid-credit score of 620 or higher
  • Total borrower income must not exceed CHFA’s income limits
  • Attend a CHFA-approved homebuyer education class (in person or on-line) prior to loan closing
  • Make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home

Down payment and/or closing cost assistance options:

  • Down Payment Assistance Grant *
    • Up to 3 percent of your first mortgage**
    • No repayment required
  • Second Mortgage Loan*
    • Up to 4 percent of your first mortgage**
    • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.

*First lien interest rates may be higher when using DPA second.

**For a 30-year, fixed-rate loan.


 

metroDPA Down Payment Assistance

metroDPA is a local program serving Coloradans seeking affordable homeownership.

Down Payment Assistance*:

  • 30-year fixed-rate mortgages to qualified homebuyers and Government Loans:
    • FHA, VA, and USDA
    • Conventional Loans: Government-Sponsored Enterprise (GSE) Programs
  • Assistance up to 5% of the first mortgage loan amount
    • Assistance is in the form of a 3-year forgivable second mortgage
    • 0% interest rate, no repayment anticipated
    • USDA assistance is in the form of a grant

Who can use it?

  • Qualified borrowers with a credit score above 640 (down to 620 in some cases)…
  • An income below $150,000/year 
  • Buying a home in an approved area
  • Must be primary residence and purchase only
  • No first-time homebuyer requirement
  • No purchase price requirement

*First lien interest rates may be higher when using DPA second. Closing costs and fees may still apply.

Apply Now

Texas DPA Programs Click to open answer

There are several Down Payment Assistance programs in Texas, so please contact us to see the options in your area. Below are a couple of the most popular programs...

TSAHC Programs

The Texas State Affordable Housing Corporation (TSAHC) offers the Home Sweet Texas and Homes for Texas Heroes Programs to help low and moderate-income homebuyers, including teachers, veterans, police officers, corrections officers, and firefighters, purchase a home anywhere in Texas.

TSAHC offers several loan types, interest rates, and Down Payment Assistance (DPA)* options.

  • DPA is available as a grant or 3-year deferred forgivable second lien loan.
  • You do not need to be a first-time homebuyer to use our DPA programs.
  • You can use TSAHC’s DPA to purchase a home, even if you’ve been a homeowner before.
  • Homebuyers may purchase a home anywhere in Texas using TSAHC programs.
  • Closing a loan using TSAHC programs doesn't take any longer than a traditional mortgage loan.

Two types of assistance are available:

  • Fixed-Rate Loans with Down Payment Assistance (DPA)
  • Several rate, loan, and DPA options available
  • DPA can be up to 5% of the loan amount
  • DPA provided as a grant or 3-year second lien loan

Mortgage Credit Certificates (MCC)

  • A special tax credit that reduces your federal income taxes every year
  • Save thousands of dollars over the life of the loan
  • Only for first-time homebuyers or those who have not owned a home in the last three years
  • Can be used with TSAHC’s DPA

*First lien interest rates may be higher when using a DPA second. Closings costs and fees may still apply.



SETH 5 Star Texas Advantage Program

The SETH 5 Star Program provides eligible homebuyers several options for a loan program that meets their needs. The program provides down payment and closing cost assistance* when purchasing a home.

The maximum Assistance is 5% and is based on the final loan amount. Grants are provided for Conventional loans with no repayment or recapture. Other options provide assistance as a Community Second, completely forgiven after 3 years. There are no monthly payments for the assistance provided with either option. The program also provides a 30 year fixed FHA, VA, USDA, or Conventional mortgage loan.

This program is available in Texas but outside of Travis County and the city limits of El Paso, McKinney and Grand Prairie.

Buyers must be income limits (see below) and will be required to complete the SETH on-line Homebuyer Education Course.

  • No First Time Homebuyer Requirement
  • Minimum credit score of 640
  • Maximum Sales Price: $484,350
  • Meet Program Income Limits

*First lien interest rates may be higher when using a DPA second. Closings costs and fees may still apply.

Apply Now

Utah DPA Programs Click to open answer

There are several down payment assistance programs available in Utah, so be sure to contact us about programs in your area. Below are two of the most popular options for Utah buyers.

Utah Housing

First-time home buyers in Utah who meet income and other eligibility requirements can get 30-year mortgages at competitive interest rates through Utah Housing's FirstHome Loan program.

Program Highlights:

  • Down payment and closing-cost assistance is available in the form of a second mortgage.*
  • Assistance up to 6% of the first mortgage loan amount.
  • All primary mortgages are 30-year, fixed-rate loans.
  • Minimum credit scores start at 620.

Borrower Eligibility:

  • Loan must be used to buy a primary residence in Utah.
  • Most programs have income limits.
  • Some programs have home-price limits.

*First lien interest rates may be higher when using DPA second.



National Homebuyers Fund (NHF)

The National Homebuyers Fund offers closing cost and/or down payment assistance to qualified borrowers in Utah - including first-time homebuyers and repeat buyers. 

Program Highlights: 

  • Minimum credit scores start at 620.
  • Down payment and closing-cost assistance is available in the form of grant or a second mortgage.*
  • No first-time homebuyer requirement.
  • Down payment and closing costs assistance up to 5%.
*First lien interest rates may be higher when using DPA second.

Apply Now
*First lien interest rates may be higher when using a DPA second. Closing costs and fees may still apply.

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Hector O C November 26, 2022
The process was flawless, informative emails helped understand the process as well!
Leslie D. S November 22, 2022
Everyone was so helpful. I appreciated the expertise and professionalism of everyone. It could not have moved along any smoother.
Tami M November 20, 2022
I was informed step by step and Nick and his team answered any questions I had in a timely manner.
Tyler V November 9, 2022
Nick Barta exceeded beyond exaptation. This is my first place so I really had no idea what I was getting myself into, but Nick was able to smooth everything out for me and was always available if I had any questions.
Emily W November 9, 2022
More in person meetings would be better. Keeping track of all the documents day after day was taxing, A sit down meeting where documents were signed in mass would have helpful.