You don’t need a big savings account to buy a home — just the right strategy.

For many first-time buyers, the biggest hurdle to homeownership isn’t the monthly payment — it’s coming up with the down payment.

Understanding what is down payment assistance is crucial for first-time homebuyers.

👉 That’s where what is down payment assistance comes in.

Understanding what is down payment assistance can change your homebuying journey.

These programs are designed to bridge the gap between your savings and what you need to get into a home — and they’ve helped millions of Americans become homeowners sooner than they thought possible.

In this guide, we’ll explore what is down payment assistance in depth.

Here’s what down payment assistance is, how it works, and how to find out if you qualify.

Learn about what is down payment assistance and its benefits.

So, what is down payment assistance and how can it help you?

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✅ What Is Down Payment Assistance?

Down Payment Assistance (DPA) is any form of financial help used to cover:

Knowing what is down payment assistance opens doors to homeownership.

• The down payment
• Closing costs
• Or both

It can come in the form of:

• Grants (money you don’t repay)
• Forgivable loans (repaid only if you sell/refinance early)
• Deferred second mortgages
• Matched savings programs

📘 These funds are often provided by:

• State or local housing authorities
• Nonprofits or community programs
• Your mortgage lender (like PRMI, through participating programs)

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💡 How Does It Work?

Here’s a simple example:

You want to buy a $350,000 home with an FHA loan.
That means you need at least 3.5% down = $12,250.

With DPA, you might receive:

• A grant or forgivable loan for the $12,250
• Additional funds for closing costs
• The ability to get in with little or no upfront cash

✅ You still go through the normal mortgage process — but with less money out of pocket.

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🔍 Who Qualifies for Down Payment Assistance?

Every program is different, but you may qualify if you:

• Are a first-time buyer (or haven’t owned in 3+ years)
• Have stable income and credit
• Plan to live in the home (DPA is not for investors)
• Meet income limits (many are based on your area)
• Complete a homebuyer education course

Even if your credit isn’t perfect, you may still qualify — especially with FHA or VA loans.

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📊 Is DPA Available Everywhere?

Yes — but programs vary by:

• State or county
• Your income and household size
• Whether you’re buying in a targeted zone
• Your loan type (FHA, VA, USDA, Conventional)

Ask yourself, what is down payment assistance and who can benefit from it?

At PRMI, we work with national, state, and local DPA programs — and help you find the one that fits your situation best.

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🏢 Why PRMI?

We help low down payment buyers:

• Understand exactly how much they need to bring to the table
• Match with eligible DPA programs
• Structure offers that include seller credits or grant layering
• Move from renter to homeowner with confidence

You don’t need perfect credit or $30k saved — you just need a clear path and the right team.

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👇 Want to See If You Qualify for Down Payment Assistance?

Let’s take 60 seconds to review your income, credit, and location — and show you real options, not guesswork.

When you consider what is down payment assistance, remember that it’s designed for you.

Now that you know what is down payment assistance, let’s explore your options.

Ready to learn more about what is down payment assistance? Let’s get started!