Video Transcription

Have you found your dream home but aren’t sure if you have the funds for a down payment?

On Q’s down payment assistance programs are here to help you achieve the dream of home ownership!

These assistance programs can provide the funds needed to cover some or all of your down payment needs! In some cases, these funds can be used for other payments needed like closing costs.

On Q has several down payment options available based on the state, county, or even city you are looking to buy a home in!

We’ve helped thousands of families achieve the dream of home ownership and we want to help you achieve that dream too!

Contact us today to learn more about the options that are available to you!

We Have a Large Variety of Programs to Cover a Portion of Your Down Payment Needs

What is Down Payment Assistance (DPA)?

Down Payment Assistance also called zero down payment is exactly that. It’s money in the form of a grant or loan for you to pay off in the future to help qualified home buyers with a down payment on when purchasing a home. On average, a qualified home buyer could save over $17,500 from DPA programs according to a report from RealtyTrac.

On average, a qualified home buyer could save over $17,500 from DPA programs*

Do I need a Down Payment to Buy a House?

Most people don’t consider buying a home because they believe they don’t have enough saved for a down payment. They disqualify themselves from being able to buy a home because they believe they need 20% down or at least a substantial amount of money for a down payment. That’s false.

Mortgage Down Payment Assistance (DPA) programs are available to those who can’t afford to put down a large amount to cover the down payment on a home. Some programs require 0% down. DPA programs are gold for First-Time Home Buyers and even veterans of the mortgage process.

On Q Financial offers a large variety of Down Payment Assistance programs that could help cover some or all of a portion of your required down payment on your next home. Best of all, some down payment assistance programs are in the form of are grant programs that don’t need to be repaid!

Down Payment Assistance (DPA)

Down Payment Assistance also called zero down payment products offered nationwide (excluding Washington, Ohio, Hawaii, New York, and New Jersey) include CHENOA Fund Program and the “Within Reach” Program.

National DPA Programs:

Within Reach Program

The Within Reach Down Payment Assistance program is a government FHA loan program that helps qualified home buyers who don’t have the necessary funds finance the down payment on their home.

Within Reach Program features include:

R

Down payment assistance up to 4% of the note amount

R

30-year fixed term with full amortization on the first mortgage

R

FHA loan types available

R

Homebuyer education course NOT required

R

Credit and income restrictions may apply

Chenoa Fund Program

The Chenoa Fund Program helps home buyers who don’t have a large amount to put toward a down payment by helping finance the down payment requirement on an FHA loan, which is 3.5%. It combines an FHA loan with a grant or loan to cover the down payment.

Chenoa Fund Program features include:

R

Down payment assistance up to 3.5% of the purchase price or appraised value

R

30-year fixed term with full amortization on the first mortgage

R

Homebuyer education course NOT required

R

Credit and income restrictions may apply

How do Down Payment Assistance Programs work?

Down Payment Assistance programs are all different with certain requirements for each. State or local housing authorities, a non-profit organization, or lender usually set the requirements and conditions for the DPA program. Some programs require you or your loan officer to take a short course on Down Payment Assistance for first time home buyers.

If your assistance came in the form of a loan, you may have to pay it back in full when you sell the house or finish making payments on your home. If you get the money in the form of a first time home owners grant you don’t have to pay it back; the money is yours to cover the down payment or closing costs on your home.

Different DPA programs offer an award based on the sales price of the home, while others can cover 20% of the purchase price, and some cap the assistance at a flat dollar amount.

What Down Payment Assistance options are available to me?

There are a variety of Down Payment Assistance programs across the country. Some are available nationwide, but most often there are programs available based on your state, county, or city. Your On Q Mortgage Consultant will help you figure out what’s best for you and your loan.

Are there local Down Payment Assistance options?

There are over 2,000 Down Payment Assistance programs nationwide. Many government agencies at the state, county, and city level provide financial assistance for people in their communities who are well qualified and ready for home ownership.

The amount you can get through DPA programs varies state to state because they’re the ones offering the funds. Some local and state programs can cap the amount you can get for DPA programs.

How much do I need to put down with Down Payment Assistance?

Down Payment Assistance programs are gold for you, literally. In some cases, you can get a grant (aka free money) or a loan to help you with the low down payment. DPA programs and the percent down can vary based on your credit score and other factors.

Some DPA programs can cover most and in some cases all of a down payment and require 0 percent down in certain situations. The agency or organization offering the program can set a limit or cap on the amount you can receive.

What credit score do I need for Down Payment Assistance?

There are varying restrictions for Down Payment Assistance. FHA mortgage requirements recommend a FICO score of 580 or higher. However, you can continue to improve your credit score. We recommend you find out where your credit score is before applying for a DPA program or seeking pre-approval for your loan. You can work with your Mortgage Consultant to find the best DPA program to fit your needs and your credit score.

Down Payment Assistance for First Time Homebuyers

Most first time home buyers don’t realize that Down Payment Assistance programs even exist. DPA programs are available to help you afford your dream house.

On Q offers additional products and services to make sure your first mortgage experience is as simple as possible with our Simplicity mobile app, On Time Closing Guarantee, Multicultural Advantage, and more.

Down Payment Assistance for Realtors

On Q Financial works with your clients to find the best Down Payment Assistance program to match their needs and ensure that we’ll close on time.

We offer products and services to make sure your clients have the simplest mortgage experience with our Simplicity mobile app, On Time Closing Guarantee, Multicultural Advantage, and more.

DPA for Second Time Home Buyers

Down Payment Assistance programs aren’t only available to first time home buyers. Many programs are available to experienced home buyers looking to move and still in need of down payment assistance. Your On Q Mortgage Consultant can help you find the best DPA program if this isn’t your first time buying a home.

Down Payment Assistance (DPA) Glossary:

Arizona Housing Finance Authority (HFA) Home Plus Program

The Arizona HFA Home Plus Program is available to buy a home anywhere in Arizona with the exception of Pima County. The Home Plus program features include:

R

Down payment assistance up to 5% of the loan amount

R

30-year fixed term with full amortization on the first mortgage

R

Conventional and FHA loan types available

R

Homebuyer education course required

R

Credit and income restrictions may apply

Arizona Pathway to Purchase Program

The Arizona Pathway to Purchase program is only available in certain zip codes across Arizona. The Pathway to Purchase Program features include:

R

Down payment assistance up to 10% of the purchase price

R

Conventional fixed-rate first mortgage financing

R

Homebuyer Education course required

R

Certain eligible zip codes allowed

North Carolina Housing Advantage (NCHFA) Home Advantage Program

The NCHFA Home Advantage Mortgage™ program is available to those in North Carolina. The program features include:

R

Down payment assistance up to 5% on the Home Advantage Program

R

Up to $8,000 on the NC 1st Home Advantage Program for qualifying military veterans and first time homebuyers

R

30-year fixed term with full amortization on the first mortgage

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

R

House Key is only available in certain areas and the borrower must be a first time homebuyer

Washington State Housing Finance Commission (WSHFC)

The Washington State Housing Finance Commission (WSHFC) Program includes the Home Advantage Program, the House Key Program and both are available in Washington. The program features include:

R

Down payment assistance up to 5%

R

30-year fixed term with full amortization

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

CalHFA

The CalHFA Program is available to low to moderate income homebuyers in California, as well as down payment and closing cost assistance. The programs offered are CalPlus on FHA and Conventional, My Home Assistance program and the School program. The program features include:

R

30-year fixed term with full amortization on the first mortgage

R

Conventional and FHA loan types available

R

Up to 3% of the note amount FHA

R

ZIP program up to 3% of the note amount Conventional

R

School Program Up to 4% of the sales price or appraised value whichever is less offered on FHA and Conventional

R

My Home program 3.5 % of the sales price or value whichever is lower on Conventional

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Nevada Housing Division (NHD) Home is Possible

The Nevada Housing Division (NHD) Home is Possible Program is available statewide in Nevada. The program features include:

R

Down payment assistance up to 4% of the note amount

R

30-year fixed term with full amortization on the first mortgage

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Texas State Affordable Housing Corp (TSAHC)

The Texas State Affordable Housing Corporation (TSAHC) provides access to fixed‐rate loans that include down payment assistance (DPA) grants attached to the loan to the state of Texas. The program features include:

R

Down payment assistance available up to 5% of the loan amount for down payment or closing costs

R

30-year fixed term

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

IDA Phoenix Home in Five Advantage Program

The IDA Phoenix Home in Five Advantage Program is exclusively available in Maricopa County and the City of Phoenix. The program features include:

R

Up to 7% of the note amount for down payment assistance for Conventional

R

Up to 4% of the note amount for FHA and VA

R

Up to 1% additional down payment assistance for qualified Military, First Responders, and Teachers

R

Conventional and FHA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Florida Housing Finance Corporation

The Florida Housing Finance Corporation – Conventional Program is a first time home buyer program available in the entire state of Florida. The program features include:

R

Conventional FNMA FL HFA Preferred 3% Grant and HFA Preferred PLUS Grant (up to 4% HFA) Conventional FHLMC  HFA Advantage  3% Grant  Advantage PLUS and 4% Grant

R

Borrowers qualifying for the FL HFA preferred Conventional Loan program in all counties will qualify for the 2nd Mortgage subsidy FL Assist up to $7,500 and FL HLP up to $10,000

 

R

Borrower(s) qualifying for Bond programs ( FHA, VA, and USDA FNMA HFA Preferred ) the FL First and Military Heroes First Mortgage Loan qualify for the FL Assist up to $7,500 and FL HLP up to $10,000

 

R

30-year fixed term with full amortization on the first mortgage

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Escambia County Housing Finance Commission

The Escambia County Housing Finance Commission Program is for both first and second mortgages and is available in certain various regions of Florida. The program features include:

R

Down payment assistance up to $7500

R

30-year fixed term with full amortization

R

Conventional, FHA, VA, and USDA loan types available

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Golden State Finance Authority (GSFA) Platinum

The Golden State Finance Authority Platinum Program provides down payment and/or closing cost assistance, currently in the form of a forgivable second lien. This program is available to the state of California. The program features include:

R

No first time home buyer restriction

R

Conventional Up to 5% of the first loan amount

R

FHA, USDA, and VA up to 4% of the first loan amount

R

Homebuyer Education course required

R

Credit and income restrictions may apply

Missouri Housing Beyond Housing Program

The Missouri Housing Beyond Housing Program is available to the various cities and counties in Missouri. The program features include:

R

30-year fixed term with full amortization on the first mortgage

R

Conventional, FHA, and VA loan types available

R

Homebuyer Education course required

R

Must be a first time home buyer 

R

Credit, income, and property restrictions may apply

R

Zero percent interest and 5-year forgivable loans:

  • $5,000: Jefferson County
  • $10,000: St. Charles County (1st-time buyer not required)
  • $10,000: City of St. Charles (1st-time buyer not required)
  • $10,000: City of O’Fallon
  • $3,500: City of Florissant
  • $3,000 St. Louis County
All On Q DPA Programs
AZ HFA Home Plus Arizona (AZ)
AZ Pathway to Purchase P2P Arizona (AZ)
Home in Five Advantage Down Payment Assistance  (City of Phoenix/Maricopa County) Arizona (AZ)
City of Phoenix – SVP/NSP Arizona (AZ)
CalHFA  My Home Program California (CA)
CalHFA ZIP DPA California (CA)
CalPlus California (CA)
CAL Teacher Program California (CA)
   
GSFA Platinum California (CA)
City of Oxnard Repayable 2nd California (CA)
City of Oxnard Forgivable 3rd California (CA)
City of Carpinteria Workforce Homebuyer Down Payment Loan Program – Brokered California (CA)
Coastal Housing Partnership California (CA)
Cottage Health Shared Appreciation Loan (SAL) Program California (CA)
Cottage Health Mortgage Assistance Program (MAP) California (CA)
Santa Cruz County Association of Realtors SCCARHF California (CA)
City/County of Denver metro DPA – AIS Grant Colorado (CO)
Colorado Energy Builder Program Colorado (CO)
Colorado Housing Finance Authority – DPA 2nd Colorado (CO)
Colorado Housing Finance Authority – DPA Grant Colorado (CO)
Colorado Housing Finance Authority (CHFA) Advantage Colorado (CO)
Colorado Housing Finance Authority  Smart Step Colorado (CO)

Colorado Housing Finance Authority (CHFA)Preferred or Preferred Plus

Summit County Gov.  Employees DPA

Colorado (CO)

Colorado (CO)

Escambia Housing Finance Commission Florida (FL)
Florida Housing Finance Corporation – Conventional Program Florida (FL)

Florida Housing Finance Corporation – Govt. Hardest Hit Funds DPA Program

Florida (FL)

Gadsden County Ship Florida (FL)
City of Tampa, FL MAP Florida (FL)
Wakulla County, FL DPA Florida (FL)
Dekalb County WE Grant Program Georgia (GA)
Georgia Dream Georgia (GA)
Gwinnett County Georgia (GA)
City of Savannah – Dream Maker DPA Program Georgia (GA)
Invest Atlanta/Urban Residential Finance Authority Georgia (GA)
City of Raleigh Citywide Homeownership Program DPA North Carolina (NC)
NCHFA Home Advantage Mortgage Loan Program Includes MCC North Carolina (NC)
NCHFA Home 1st Home Advantage Mortgage Loan Program North Carolina (NC)
Community Partners Loan Pool North Carolina (NC)

City of High Point

City of Wilson

North Carolina (NC)

North Carolina (NC)

Town of Davidson North Carolina (NC)
Beyond Housing Missouri (MO)
Beyond Housing City of Florissant Missouri (MO)
Beyond Housing   Jefferson County Missouri (MO)
Beyond Housing City of St. Charles Missouri (MO)
Beyond Housing City of O’Fallon Missouri (MO)
Beyond Housing St. Charles  County Missouri (MO)
Beyond Housing  St Louis County Missouri (MO)
NHD Home is Possible Nevada (NV)
Nevada Housing Division: Home Possible for Teachers Nevada (NV)
NHD Home is Possible Heros HIP-H Nevada (NV)
Nevada Partners, Inc. Nevada (NV)
Nevada Rural Housing Home At Last Nevada (NV)
AAAH &OHCS Oregon (OR)
Home Forward GOALS Savings Oregon (OR)
VIDA Savings for Life Oregon (OR)
Clackamas County DPA Oregon (OR)
SC State Housing Homebuyer Program South Carolina (SC)
SC Housing Palmetto Home Advantage South Carolina (SC)
SC Housing FHA HHF DPA South Carolina (SC)
SC State Housing Homebuyer Program South Carolina (SC)
Community Works Carolina South Carolina (SC)
Texas Veterans Land Board Texas (TX)
Texas SETH – 2nd Texas (TX)
Texas SETH AIS Grant Texas (TX)
Texas SETH Grant Includes MCC Texas (TX)
Texas State Affordable Housing Corp (TSHAC) Includes MCC Texas (TX)
Texas State Affordable Housing Corp (TSHAC) 0% DPA 2nd Includes MCC Texas (TX)
Texas Department of Housing & Community Affairs – TDHCA Texas (TX)
Harris County – Stand alone MCC or can be combined with SETH 5 Star Advantage Program Texas (TX)
Travis County Hill Country Home Grant DPA Texas (TX)
City of Arlington HAP Texas (TX)
City of San Antonio, First Responders (FRHAP) Program Texas (TX)

City of San Antonio, Homeownership Incentive Program (HIP) DPA Program

City of Houston

Grand Prairie Buying Power Grant

Texas (TX)

Texas (TX)

Texas (TX)

Washington State Housing Finance Commission – Home Advantage – Washington (WA)
Washington State Housing Finance Commission –  Opportunity DPA Washington (WA)
WSHFC HomeChoice DPA Washington (WA)
WSHFC Seattle DPA Washington (WA)
WSHFC ARCH DPA Washington (WA)
WSHFC Tacoma DPA Washington (WA)
WSHFC Pierce County Washington (WA)
WSHFC Bellingham Washington (WA)

Washington State Housing Finance Commission – House Key opportunity 1st mtg DPA

PenFed DreamMaker Grant

Veterans of Foreign Wars Grant

Washington (WA)

ALL

ALL

Chickasaw Nation Citizens only DPA Grant Oklahoma (OK), National

Interested in seeing what down payment assistance programs are available in your state?

Find Your State’s Down Payment Assistance Programs

Some program restrictions and requirements apply. The type of DPA and lien position will vary for each loan program. Please contact your On Q Financial, Inc. Mortgage Consultant for more information.

*Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment. Although down payment assistance may be available, additional funds may be due at closing. Programs are subject to change without notice.  Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, Inc. is equal housing lender. NMLS 5645 OnQ0509190681Y000005IaAM

Get in touch to see what program might be the best fit for you