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Loan

Down payment assistance

Programs that can lower the cash you need up front.

Ask about this loanHow applying works

What it is

How it works

Some cities and states offer help with the down payment. We look at what is available and explain the rules before you count on the money.

Who it fits

  • Buyers who can afford the monthly payment but are short on the cash up front.
  • First-time buyers, as many programs define them.
  • Buyers whose household income is within a program's limit.

Key facts

Good to know

  • Help comes from state housing finance agencies, cities, counties, and some nonprofits and employers.
  • Some help is a grant you never repay. Some is a second loan that is forgiven if you stay a set time.
  • Other help is a second loan with no payment until you sell or refinance, or a second loan you repay monthly.
  • Program funds, rules, and limits change often, sometimes during the year.

Calculator

Estimate a payment

You choose every number. The weekly average is a starting point, not a quote.

Payment

Move any number. The math runs on this device and nothing is sent.

$

$70,000 down

U.S. average the week of Nov 5. Not a quote.

Term
$
$
$

Monthly payment

$1,896.82/ month

Sample: $350,000 home, 20% down ($70,000), 360 monthly payments of $1,896.82 on a 30-year fixed loan at 7.18% interest (7.18% APR, assuming no points or fees). Taxes and insurance are extra, so your real payment will be higher. Not a quote.

Principal and interest
$1,896.82

Add tax and insurance for the full payment.

Loan amount
$280,000
Down payment
$70,000

Over 30 years

  • Principal$280,000
  • Interest$402,855

First payment: $221.49 principal and $1,675.33 interest.

This is an estimate, not a loan offer. A lender has to confirm it.

This is not a commitment to lend or lock a rate.

Rates change. Call us. (480) 297-8855

Costs and limits

What it costs

The kinds of costs, not amounts. Your Loan Estimate lists the numbers.

Costs to expect

  • Some programs come with a higher rate or extra fees on the first loan. Compare the full cost with and without the help.
  • A deferred second loan is due when you sell, refinance, or pay off the first loan.
  • Homebuyer course fees, when a program charges one.

Limits

  • Income limits, and often purchase price limits.
  • You have to live in the home, and selling early can mean paying some help back.
  • You usually need a lender the program has approved, and the program's own loan types.

Compared

How it compares

Next to First-time home buyer loans in Arizona.

  • Down payment assistance pays toward your cash up front. A first-time buyer loan is the mortgage you repay.
  • A grant is never repaid. A forgivable loan is forgiven over time. A deferred loan is repaid when you sell or refinance.
  • You can buy as a first-time buyer without assistance. Assistance almost always comes with a matching first loan.

Read about First-time home buyer loans in Arizona

The process

From first call to closing

  1. Talk

    A short call about your goals, your timeline, and the kind of home you want. Ask us anything.

  2. Apply

    You fill out the application online. It asks for your Social Security number and documents, and we give you a clear list of what to send.

  3. Compare

    We compare lenders for your loan and show you the options side by side, with the tradeoffs explained.

  4. Close

    We stay with you through appraisal, underwriting, and signing, and keep you posted at each step.

Questions

Questions about this loan

Not here? Call (480) 297-8855.

Is it a grant or a loan?

It depends on the program. Read whether it is a grant, a forgivable loan, a deferred loan, or a repayable loan. We explain which one you are looking at before you count on it.

Do I have to be a first-time buyer?

Many programs ask for it, often meaning no home owned in the past three years. Some programs are open to anyone under the income limit.

What happens if I sell early?

With a forgivable or deferred loan, you may owe some or all of the help back. The program's papers spell out when.

Reviews

From a client

Read all reviews

Chance is someone you can trust from the begging to the end of the transaction. I'm grateful to have found him to help me with the purchase of my home. Chance answered all of my questions and concerns, in detail. Couldn't have done it with out him. Buying a home can be challenging in number of things from the seller, realtor, title, etc. Chance made it easy for me, to understand, trust and believe that I was making the right decision . Thank you Chance, from my daughter and I. Sincerely, Edith Peralta, MBA/CCC

Edith Peralta

Contact

Ask about this loan

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Areas we serve

Where we lend nearby

Loans

Other loans

A short explanation of each. No rates here.

Assistance programs change often. The program sets the funds, limits, and rules. Ask for the current details before you decide.