Now AvailableDown Payment Assistance Programs for First Time Home Buyers

First time home buyers can take advantage of a variety of down payment assistance programs and grants to help make their dream of owning a home come true. These programs are designed to help people with limited funds or credit obtain the financing they need to purchase a home.

As a direct mortgage lender with branches across the nation, we work with many institutions that offer down payment assistance programs, and can support you in using the right program to help you achieve your dream of buying a home.

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What Is a First Time Home Buyer Grant?

A first time home buyer grant is a financial assistance program that can help home buyers pay for the costs associated with purchasing a home. These grants are typically sponsored by state agencies, cities, counties and other organizations that want to make homeownership more accessible to people who may not have the resources to make a down payment or cover closing costs. Programs like these can be especially helpful for first time buyers who don’t have money saved up to cover these expenses or need extra support in order to become homeowners.

The mortgage experts at OneTrust Home Loans will help you research any local programs available in your area, and see which program best suits your goals.

Who can receive down payment assistance?

For home buyers who don't have enough money saved up for a down payment, these programs can provide much needed financial relief. Down payment assistance programs can also reduce the amount of time spent saving up for the necessary funds as well as reduce closing costs associated with obtaining a loan. First time home buyer grants are typically awarded based on need, while some programs may require repayment if you move or sell your home within a certain period of time

Types of Down Payment Assistance Programs

Down payment assistance loans and programs come in a variety of types. Some are offered by the federal government while others are offered through state or county-level housing aid agencies. Here's a breakdown of the major loan types you should be aware of:

State and County Programs

State and County Programs

Many states and counties offer down payment assistance programs that provide grants or deferred-payment second mortgages to qualified borrowers.

FHA Loans

FHA Loans

These government-insured loans offer low down payments for home buyers who meet certain income requirements. With an FHA loan, you can receive up to 3.5% of your purchase price as a gift from a relative, employer or other approved donor that does not need to be paid back.

VA Loans

VA Loans

Offered only to eligible veterans and military personnel, these no down payment loans have competitive interest rates and are backed by the US Department of Veterans Affairs.

USDA Loans

USDA Loans

Through this program, approved lenders can provide no down payment loans to eligible rural home buyers. The interest rates for USDA loans are low and you will not have to pay monthly mortgage insurance payments.

What our clients say

  • Sara and her team works efficiently and is personally invested in their clients to help them achieve their goals and dreams of acquiring their dream home. Their attention to detail is 2nd to none and we are thankful we have them to guide us through these difficult and tedious obstacles to get financed for our new home! Thank you to you and your...

    - Michael Avila M.

  • Phil at OneTrust and along with Melody,the client manager accomplished a One Time close for new construction on a house that 3 other mortgage companies couldn't get done. The other 3 just didn't listen, we had Social Security income and 1099 self employed income that required a special amount of knowledge and Phil had that knowledge, he listened...

    - SHARON ABRAMS S.

  • Janet is the best! The entire process was made easy. If I had any questions or concerns she quickly found answers and solutions. My husband and I have been dreaming of a new build for a number of years now and this dream is becoming reality!! Thanks Janet and team for supporting us through the process.

    - Anna W. A.