Did you know?
According to the 2018 Barriers to Accessing Homeownership report by the Urban Institute, 68 percent of U.S. renters see the inability to save for a down payment as one of the leading obstacles to homeownership.
In addition, only 23 percent of consumers were even somewhat familiar with low–down payment or down payment assistance programs.
NHF Down Payment Assistance
One of the biggest challenges for homebuyers is coming up with the funds to cover the down payment requirements and/or closing costs associated with a mortgage loan. To bridge that gap, NHF provides down payment and/or closing cost assistance (DPA), up to 5% of the mortgage loan amount.
NHF DPA is available in most U.S. states and qualifying guidelines are flexible. The assistance may be forgiven immediately, after a short period of years, or have repayment requirements, depending on the Program.
NHF DPA highlights(1):
- DPA is available up to 5% of the mortgage loan amount
- Assistance can be used towards down payment and/or closing costs
- There is no requirement that a borrower be a first-time homebuyer to qualify
- FICO score requirements and allowable debt-to-income ratios are flexible
- DPA programs features generous income limits; higher than might be expected
- FHA, VA, USDA and Conventional Mortgage Loan financing is available
- DPA is available for both purchase and refinance of a primary residence
- Sponsored by NHF and available nationally through Participating Lenders
Other Financial Assistance Programs Managed by NHF
GSFA Platinum® and OpenDoors® Programs
The GSFA DPA Programs provide down payment and/or closing cost assistance up to 7% of the loan amount, specifically for borrowers purchasing or refinancing a primary residence in the state of California.
GSFA Energy Efficiency Financing Programs
With the GSFA Energy Efficiency Financing programs, eligible residential and commercial property owners in California can finance a wide variety of energy efficiency measures in easy and affordable ways.