Demystifying the facts behind down payment assistance

Down payment assistance programs help aspiring home buyers afford the upfront costs of buying a home. Typically administered by state or local housing finance agencies and nonprofit organizations, DPA programs offer a mix of grants, deferred-payment loans, forgivable loans and mortgage tax credit certificates to eligible buyers.

While DPA programs are common, many buyers are confused about who can qualify for assistance and how they work. To help clear up some of the most persistent down payment assistance program myths, why they endure, and the facts about applying for and getting DPA, read my first article for new client Quicken Loans, available here.