What Is Down Payment Assistance?
Down payment assistance programs can be administered by a local or state housing authority, a nonprofit organization or directly through your lender. They provide a set amount of money to qualified homebuyers. Homebuyers can use the money to cover their down payment or closing costs.
Qualifications vary by region but are based on your income, the price of the home and any history you have as a homeowner. Assistance is available only for a home you plan to occupy and isn’t available for vacation homes or investment properties. You can fill out our for to find out if you’re eligible.
Do I Have To Be A First-Time Homebuyer?
You don’t have to be a first-time home buyer to qualify for assistance. If you haven’t owned a home in three years and are now renting, you may qualify as a first-timer. Speak with your U.S. Bank mortgage loan officer for more information on down payment assistance programs in your area.