Down Payment Assistance

Down payment assistance was created to help make buying a home more affordable. It gives our clients the funds to cover their down payment or other costs associated with buying a home. These programs are always paired with a standard program, such as conventional or FHA. Down payment assistance gives every homebuyer peace of mind when looking for their dream home.

Down Payment Assistance Programs

 

Who’s Eligible for Down Payment Assistance?

Eligibility for down payment assistance is determined on many factors including, but not limited to: income, credit score, loan program, purchase price limits, and what county the home is being purchased in. Our mortgage loan originators are trained professionals who can help determine your eligibility. Check out some of the different down payment assistance programs we offer below.

 

MHDC (Missouri Housing Development Commission)

 

MHDC loan is the down payment assistance program for the state of Missouri. MHDC offers two different programs: First Place and Next Step.

 

First Place Program
  • Available for qualifying first-time homebuyers and veterans. Clients who have not owned a home within the last 3 years may also qualify as a first-time home buyer.
  • Covers up to 4% of the of the first mortgage loan amount.
  • Forgivable after 10 years of staying in the home.
  • 30-Year Fixed Rate.
Next Step Program
  • Available to all qualifying first-time homebuyers as well as non-first-time homebuyers.
  • Creates opportunity to purchase a home with higher income limits, along with a higher purchase price.
  • Covers up to 4% of the of the first mortgage loan amount.
  • Forgivable after 10 years of staying in the home.
  • 30-Year Fixed Rate.
  • Lower interest rates for homebuyers in opportunity areas.

Give one of our offices a call for more information!

 

ADFA (Arkansas Development Finance Authority)

 

ADFA is the down payment assistance program for the state of Arkansas. ADFA offers two different programs: the Down Payment Assistance Program (DPA), and the Arkansas Dream Down Payment Initiative (ADDI).

Down Payment Assistance Program (DPA)
  • For qualifying applicants of an ADFA Move-Up first mortgage.
  • Covers $1,000- $15,000 for down payment and closing costs.
  • 10-Year Term.
Arkansas Dream Down Payment Initiative (ADDI)
  • Provides up to $25,000 to eligible buyers toward down payment, closing costs, and/or principal reduction.
  • Forgiven on a prorated basis over a 5 or 10-year term.
  • No Monthly Payment.

 

IHDA (Illinois Housing Development Authority)

 

IHDA is the down payment assistance program for the state of Illinois. IHDA currently offers the IHDAccess program with 3 different options.

  • Available to all qualifying first-time homebuyers as well as non-first-time homebuyers.
  • Covers up to $10,000, depending on the IHDAccess option.
  • Affordable 30-Year Fixed Rate.
  • Can choose between different IHDAccess program options including: Forgivable, Deferred, and Repayable.
  • Can be used with FHA, VA, USDA, FNMA HFA Preferred, or FHLMC HFA Advantage.

 

KHAP (Kansas Housing Assistance Program)

 

KHAP is the down payment assistance program for the state of Kansas. KHAP offers a program to cover qualify homebuyers statewide.

 

KansasDPA
  • Covers up to 5% of the purchase price depending on the loan type.
  • Can be used with FHA, VA, USDA, and conventional home loans.
  • 30-Year Fixed Rate.

 

Chenoa Fund

 

Chenoa Fund is a down payment assistance that is offered in most states within the US with lower credit requirements.

Chenoa
  • Available to all qualifying first-time homebuyers as well as non-first-time homebuyers.
  • Covers up to 5% of the purchase price.
  • Pairable with an FHA home loan.
  • Offers payable or forgivable loan options.
  • Allowed in all states except New York.