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 in Missouri, Arkansas, Illinois, and nearby areas.

Who is 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.
  • Provides 4% of the first mortgage loan amount for qualified borrowers using Cash Assistance.
  • Forgiveness begins after year five and continues through year ten, subject to program requirements.
  • 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.

Competitive Rates with MHDC


ADFA (Arkansas Development Finance Authority)

ADFA is the down payment assistance program for the state of Arkansas. ADFA offers the Down Payment Assistance Program (DPA) for qualifying applicants using an ADFA StartSmart or Move-Up first mortgage.

Down Payment Assistance Program (DPA)
  • For qualifying applicants of an ADFA StartSmart or Move-Up first mortgage.
  • Covers $1,000-$15,000 for down payment and closing costs.
  • 10-Year Term.

Competitive Rates with ADFA


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IHDA (Illinois Housing Development Authority)

IHDA is the down payment assistance program for the state of Illinois. IHDA currently offers several IHDAccess options, including Home, Forgivable, Deferred, and Repayable.

  • Available to qualifying homebuyers depending on the IHDAccess program.
  • Some IHDA options provide up to $15,000 toward down payment and closing costs.
  • Affordable 30-Year Fixed Rate.
  • Can choose between different IHDAccess program options including Home, Forgivable, Deferred, and Repayable.
  • Can be used with FHA, VA, USDA, FNMA HFA Preferred, or FHLMC HFA Advantage.

Competitive Rates with IHDA


Chenoa Fund Down Payment Assistance

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.
  • Provides 3.5% or 5% down payment assistance with an eligible FHA first mortgage.
  • Pairable with an FHA home loan.
  • Offers repayable or forgivable second mortgage options.
  • Allowed in all states except New York.

Feel free to get in touch with us for further information! Just give us a call at (800) 315-9416, and we’ll be glad to help!