Down Payment Assistance
A smaller savings balance does not have to end your homebuying plans. Explore assistance toward your down payment and eligible closing costs.
Explore Assistance Options →Start with your location, household, and purchase plans.
Who May Qualify for Down Payment Assistance?
Assistance may be worth exploring when you can qualify for a mortgage but want help covering eligible down-payment or closing expenses.
We'll start by reviewing:
- Where you plan to buy and your intended occupancy.
- Your household, income, and ownership history.
- The first mortgage you may qualify for.
- Available funds and program participation requirements.
Down Payment Assistance Highlights
- Loan amount
- Selected FHA assistance options start at $75,000 for the first mortgage, up to applicable FHA county limits. Other programs have different limits.
- Credit score
- As low as 600 on selected FHA assistance options, subject to mortgage approval and program requirements.
- Down payment / assistance
- Selected FHA options offer assistance of 3.5% or 5% of the lower of the purchase price or appraised value. Eligible costs and available options vary; you may still need funds of your own.
- Occupancy
- Primary residence.
- Property types
- Selected FHA options allow eligible 1–2 unit homes, townhomes and approved condos. Certain manufactured homes may qualify under additional rules.
- Loan purpose
- Home purchase.
- Rate options
- Fixed-rate first mortgages are available. ARM financing is not available with the options highlighted here.
- Interest-only
- Not available on the first-mortgage options highlighted here.
- Amortization
- 30-year, fully amortizing first-mortgage options. Assistance has its own repayment or forgiveness terms.
- Closing in an LLC
- Not available on these FHA purchase options; borrowers close in their individual names.
- Available states
- Michigan, California and Florida. Program access, property eligibility and funding must be confirmed for your location.
- Assistance repayment
- Repayable and conditionally forgivable second-mortgage options are available under selected programs. Deferred payments do not mean automatic forgiveness.
Availability and terms vary by program. Assistance and first-mortgage requirements must both be satisfied. Funds, participation, and reservations are subject to confirmation; not every combination is available, and nothing on this page guarantees an award or approval.
Explore My Assistance Options →Grants, Forgivable Loans and Repayable Assistance
Grants
Some programs offer grants, subject to the award terms and any conditions. Availability must be verified.
Forgivable loans
Selected options may be forgiven after a required record of on-time mortgage payments and a completed release process. Selling, refinancing or moving out can affect forgiveness. Check the exact terms before choosing.
Repayable assistance
Other programs use a second mortgage that remains repayable, even if monthly payments are deferred.
Plan Your Down Payment and Closing Costs
Cash needed at closing
Assistance may help with the down payment, eligible closing costs and prepaid expenses. Ask what remains for you to pay, including costs due before closing.
Your monthly payment
Compare the first mortgage, mortgage insurance and any payment on the assistance loan. Less cash upfront does not always mean a lower overall cost.
Your future plans
Understand what happens to the assistance if you sell, refinance or move. Review repayment and forgiveness terms before committing.
We can review options for homes in Michigan, California and Florida. Your location and the selected program determine the available path.
Discuss My Purchase Plans →Down Payment Assistance FAQs
What is down payment assistance?
Assistance programs may help eligible buyers cover part of a down payment, closing costs, or prepaid expenses. They are paired with an eligible first mortgage and have their own location, income, property, funding, and participation requirements.
Is assistance free money?
Not always. It may be a grant, a repayable loan or a loan that can be forgiven if you meet its conditions. We will help you understand the difference.
How much assistance can I receive?
Selected FHA options offer 3.5% or 5% of the lower of the purchase price or appraised value. Other programs differ. Reach out to review the amount and eligible costs for your purchase.
Do I have to be a first-time homebuyer?
Not necessarily. Some options do not require it; others have ownership-history rules. Tell us about your situation and we will check.
Are there income or purchase-price limits?
Some programs have limits and others do not impose a separate assistance income cap. You must still qualify for the mortgage. We will check the rules for your location and program.
Can assistance pay closing costs too?
Some programs permit assistance for closing costs or prepaid expenses as well as the down payment. Eligible uses depend on both the assistance rules and the first-mortgage requirements.
Can I combine assistance with FHA, VA, USDA, or conventional financing?
Some approved assistance programs can be paired with an eligible first mortgage in one of these categories. A program is not automatically compatible with all loan types.
Do I need homebuyer education?
Many programs require approved homebuyer education or counseling before closing. Your loan officer will confirm the accepted course, who must complete it, and the timing for the selected program.
Will the first mortgage have the same credit requirements?
Not always. Assistance programs can impose additional credit, debt-to-income, occupancy, and documentation requirements beyond the first mortgage.
What happens if I sell or refinance?
You may need to repay the assistance, and forgiveness can be affected. Ask us to review the specific terms before making a change.
Are funds guaranteed once I ask about assistance?
No. An inquiry does not reserve funds or guarantee approval. We will confirm program access, availability and any required reservation.
Can I use assistance for an investment or vacation home?
The options highlighted here are for a primary residence, not an investment or vacation home.
What happens after I submit my scenario?
A licensed PMF loan officer will review your scenario and discuss possible options. An inquiry is not approval.
Let's review your path to purchase.
Tell us where you want to buy and what help you are looking for.
Explore Assistance Options →Program availability and terms depend on your complete scenario and underwriting. This is not a commitment to lend. An inquiry is not approval or a commitment to lend.