As a first-time homebuyer, the costs associated with buying a home can add up quite quickly. Even with money saved, 20% of a starter home price could give many sticker shock. Thankfully there are many programs designed to offer first-time homebuyers some much needed relief from the mounting costs at closing. Down Payment Assistance is commonly seen through grants, deferred-payment loans, low interest loans, and matched savings programs. Down payment assistance programs are offered by a variety of organizations, including the U.S. Department of Housing and Urban Development (HUD), local or state housing authorities, and nonprofits. Evolve Home Loan Advisors are here to help you identify and seek out these opportunities. While requirements differ across agencies, here are some common thresholds for participating:
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