Loans
Down Payment Assistance
Down payment assistance is help with the money you need up front to buy a home: your down payment, and sometimes your closing costs. Closing costs are the fees and charges paid when the loan closes. Help may come as a grant you do not pay back, a loan you pay back slowly, or a loan that is forgiven over time. Deb Gontko Klein checks what help may fit you, if you qualify. Serving home buyers in Arizona, California & Colorado since 2004.
Who it helps
- Buyers who can afford a monthly payment but have little saved for the up-front costs.
- First-time buyers, and buyers who meet a program’s income or home-price rules, if you qualify.
- Buyers willing to take a homebuyer class, if a program asks for one.
How it works
Types of help: A grant is money you do not pay back. A second loan is a separate, smaller loan on top of your main loan. A forgivable loan is money that may not need to be paid back if you meet the rules, such as living in the home for a set time.
Rules: Each program has its own rules for income, home price, and the kind of home. Funds can be limited and can run out. Although the availability of State and local programs can vary, our in-house Down Payment Assistance program is continually available.
With your loan: Assistance is used with a primary residence loan, such as an FHA or conventional loan. Deb checks that the two fit together.
Things to think about
- Help with the down payment does not lower your monthly payment. Make sure the monthly payment still fits your budget.
- Some help must be paid back if you move or refinance early. Ask what happens if your plans change.
Questions people ask
What is down payment assistance?
Help with the up-front money to buy a home, such as a grant or a second loan, if you qualify.
Do I have to pay it back?
It depends on the program. Grants are not paid back. Some loans are paid back, and some are forgiven if you meet the rules.
Can anyone get down payment assistance?
No. Each program has rules for income, home price, and the home itself. Ask Deb to check what fits you.
Next step: Call Deb at (480) 550-0211 to see what help may be open to you, or apply through Planet Home Lending.
Official source: U.S. Department of Housing and Urban Development: home loans
Get Started
Talk with Deb
Tell us what you want to do, and we will call you back with clear next steps. It takes about a minute. Prefer to talk now? Call (480) 550-0211.
Serving home buyers in Arizona, California & Colorado since 2004