Down Payment Assistance

Down Payment Assistance (DPA) Programs

At NEXA Mortgage, we understand that saving for a down payment can be one of the biggest challenges in buying a home. That’s why we offer access to a variety of Down Payment Assistance (DPA) programs to help you achieve homeownership with less upfront cost.

What is Down Payment Assistance?

DPA programs provide grants, forgivable loans, or low-interest loans to help cover the down payment and/or closing costs. These programs are often available through state and local governments, nonprofits, and lenders.

Types of Down Payment Assistance Programs

🔹Grants – Free money that does not need to be repaid.

🔹 Forgivable Loans – A loan that is forgiven after a certain period if you meet program requirements (e.g., living in the home for 3-5 years).

🔹 Deferred Loans – A loan with no payments due until you sell, refinance, or pay off your mortgage.

🔹 Matched Savings Programs – Some programs match your savings dollar-for-dollar to help you reach your down payment goal.

Who Qualifies for DPA?

✅First-time homebuyers

(may be defined as not owning a home in the last 3 years).

✅Income-qualified buyers

(varies by program and location).

✅Credit score requirements

(some programs allow lower credit scores).

✅Primary residence only

– Most DPA programs cannot be used for investment properties.

✅Completion of a homebuyer education course

(required for some programs).

DPA Programs We Offer

At NEXA Mortgage, we work with multiple lenders and organizations to find the right DPA program for your situation. Some popular options include:

🏡 State & Local DPA Programs – Available in many areas with different income and eligibility requirements.

🏡 FHA, VA, and USDA DPA Options – Some government-backed loans allow down payment assistance.

🏡 Employer-Assisted Housing Programs – Some employers offer homebuyer benefits.

🏡 Nonprofit & Community-Based Assistance – Special programs for teachers, firefighters, healthcare workers, and first responders.Divider

How to Apply for Down Payment Assistance

Step 1: Get pre-approved for a mortgage with NEXA Mortgage.

Step 2: We’ll check your eligibility for local, state, or national DPA programs.

Step 3: Complete any required homebuyer education courses.

Step 4: Work with our team to finalize the DPA and mortgage loan.

Step 5: Buy your home with less money upfront! 🎉

Frequently Asked Questions (FAQ)

Can I use DPA with an FHA, VA, or USDA loan?

Yes! Many FHA, VA, and USDA loans allow down payment assistance, depending on the program.

Is down payment assistance free money?

The minimum credit score varies by lender but is generally 580 for a 3.5% down payment. Some lenders may allow lower scores with a higher down payment.

What if I already own a home? Can I still get DPA?

Most programs are for first-time homebuyers, but some allow repeat buyers who meet certain income or residency requirements.

Can I combine down payment assistance with other homebuyer programs?

Yes! Many DPA programs can be combined with first-time homebuyer programs, low down payment loans, and closing cost assistance.

How much down payment assistance can I receive?

The amount varies by program and location, but some buyers receive $5,000 to $20,000+ toward their down payment and closing costs.

Get Started Today!

Buying a home doesn’t have to be out of reach because of a down payment. Contact NEXA Mortgage today to see if you qualify for a Down Payment Assistance Program and take the first step toward homeownership!

Schedule Consultation Today!

The information provided on this website is for general informational purposes only and does not constitute financial, legal, or mortgage advice. Loan approval is subject to lender guidelines, credit approval, and property qualifications. Down Payment Assistance loan terms and interest rates may vary by lender and are subject to market conditions and borrower profile. NEXA Mortgage does not provide legal or tax advice. Borrowers are encouraged to consult a licensed mortgage professional to discuss specific loan options and eligibility.

For the most up-to-date Non-QM loan requirements, please contact NEXA Mortgage for a personalized consultation.