DOWN PAYMENT ASSISTANCE PROGRAMS (DPA)
Buy A Home With Little To No Money Down
Down payment assistance programs help eligible homebuyers reduce upfront homebuying costs with grants, forgivable loans, and flexible financing options designed to make homeownership more affordable.
down payment assistance
first time buyer options
FHA, conventional, VA, USDA
Grants and forgivable loans
DOWN PAYMENT ASSISTANCE HIGHLIGHTS
why down payment assistance programs are so popular
Lower up-front costs
Reduce the amount needed to buy a house.
Buy Sooner
Avoid waiting years to save to be able to buy a home.
Flexible Loan Options
Programs available with conventional and FHA
Grants and DPA Loans
We offer both non-repayable grants and down payment assistance loans.
No first-time homebuyer restriction
No need to be a first-time homebuyer to qualify. We have different options!
Down payment assistance may be a great fit if you...
You are a first time home buyer with limited savings for a down payment or closing costs.
You want to reduce the amount of money needed at closing to buy a home.
You are occupying your home as your primary and will be living it for at least 3 years.
You work in a public service field such as education, healthcare, or law enforcement
minimum requirents for our down payment assistance programs
credit score
620
Maximum DPA amount
Up to $27,000
Debt-to-income ratio
Up to 57%
Mortgage insurance
Required
Occcupancy
Primary homes only
Loan limits
Up to $541,287
Types of down payment assistance
Grants
Funds that typically do not require a down payment.
Forgivable Loans
Loans that may be forgiven after a certain time period.
Deferred second mortgages
Repayment may be deferred until a number of years or when the property sales.
Repayable second mortgages
Funds that require a small monthly payment.
down payment assistance faq’s
Frequently Asked Questions
Get answers to some of the most common questions about down payment assistance.
What is down payment assistance?
Down payment assistance programs help eligible homebuyers reduce upfront homebuying costs through grants, forgivable loans, repayable second mortgages.
Do I have to repay down payment asssistance?
Depending on your situation and what you qualify, some programs may require repayment, while others offer forgivable assistance or grants that do not need to be repaid.
do i have to be a first-time homebuyer to qualify for down payment assistance?
No. At Andes Mortgage, you do not have to be a first-time homebuyer to qualify for down payment assistance. However, some grants and programs are designed for first-time homebuyers, and those with moderate-income households
how much down payment assistance can I get?
We offer DPA programs that can give you 3.5% or 5% of the sales price of the house.
What credit score is required to qualify for down payment assistance?
Minimum credit score requirements vary by program, but at Andes Mortgage, we offer down payment assistance with credit scores as low as 620.
can i buy a house with no money down?
Absolutely. This is the main reason why these down payment assistance programs exist. Our DPA loans can give you up to 5% of the sales price of the house for down payment and closing cost assistance.
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