Down payment assistance programs can be a game changer for first-time home buyers. These programs provide financial assistance to help with the initial costs of buying a home, making it more affordable for those who may not have the savings or resources to cover a large down payment. I chat with my friend Gustavo, who is one of the my partner lenders to discuss some of the great options folks may not know about.

You never want to leave money on the table so today’s podcast is filled with tons of actionable nuggets for buyers. This can be especially helpful for those who are struggling to save for a down payment or for those who are trying to buy a home in an expensive market.

The thing is, most people don’t take advantage of these programs. They may not know they exist, or they may think they don’t qualify. But the truth is, there are a lot of different programs out there with different eligibility requirements, so it’s worth checking into.

5 Nationwide Down Payment Programs

1. FHA loans: The Federal Housing Administration (FHA) offers a variety of loan programs that can help first-time home buyers with a down payment as low as 3.5%.
2. USDA loans: The U.S. Department of Agriculture (USDA) offers a loan program for home buyers in rural and suburban areas with no down payment required.
3. VA loans: The Department of Veterans Affairs (VA) offers a loan program for eligible veterans, active-duty service members, and certain surviving spouses with no down payment required.
4. Good Neighbor Next Door program: This program is offered by the Department of Housing and Urban Development (HUD) and provides a 50% discount on the purchase price of a home for certain law enforcement officers, teachers, firefighters, and emergency medical technicians.
5. HomeReady and Home Possible programs: These programs are offered by Fannie Mae and Freddie Mac, respectively, and provide down payment assistance to low- and moderate-income home buyers.

Some programs are specific to certain states or areas, while others are available to anyone who meets certain income or credit requirements. So, it’s worth doing your research and seeing what’s out there. Another reason why people don’t take advantage of these programs is because they think the process is too complicated, but it’s not. Many of the programs are actually really easy to apply for and the steps are simple to follow. Plus, there are a lot of resources available to help you through the process. So, don’t let the fear of the unknown stop you from exploring your options and seeing if a down payment assistance program could help you achieve your dream of homeownership.