Buying a home is an exciting milestone, but saving for a down payment can be one of the biggest hurdles for many buyers. Fortunately, numerous down payment assistance programs can help make homeownership more attainable.
At ONE Presidential Mortgage, we want to ensure you know about the valuable resources available to you. Here are some lesser-known down payment assistance programs that could help you get into your dream home sooner.
1. Federal Home Loan Bank Atlanta (FHLBank Atlanta) Grants
Many homebuyers are unaware that FHLBank Atlanta grants provide funds for down payment and closing costs. These grants, which can provide up to $20,000, are often targeted at first-time buyers, low- to moderate-income households, and community workers such as teachers, firefighters, and healthcare professionals.
How It Works:
Grants of up to $20,000 do not need to be repaid if you meet residency requirements.
Grants can be combined with other down payment assistance programs.
Availability is limited and distributed on a first-come, first-served basis.
2. Community Lending Program
Our Community Lending Program is designed to help low- to moderate-income homebuyers by offering down payment assistance, waived fees, and pricing discounts to make homeownership more accessible.
How It Works:
Provides grants and assistance for down payments and closing costs.
Available in select communities to help expand homeownership opportunities.
Waives loan-level pricing adjustments (LLPAs) and offers up to a 2-point pricing discount to lower interest rates or reduce closing costs.
3. State and Local Housing Finance Agency (HFA) Programs
State and local governments often provide down payment assistance programs that vary by location. These can include grants, forgivable second mortgages, or tax credits to reduce homeownership costs.
How It Works:
Many programs cater to first-time homebuyers or specific professions.
Some require completion of a homebuyer education course.
Income and purchase price limits may apply.
4. FHA 100% Financing Program
The FHA 100% Financing Program allows eligible buyers to finance their home purchase without needing a traditional down payment, making homeownership more accessible.
How It Works:
Provides full financing for qualified borrowers.
Available to first-time and repeat homebuyers who meet FHA loan requirements.
May require mortgage insurance and credit score qualifications.
5. USDA Down Payment Assistance Programs
For buyers in rural and suburban areas, the U.S. Department of Agriculture (USDA) offers programs that require little to no down payment through their direct and guaranteed loan programs.
How It Works:
Available to buyers purchasing in USDA-eligible areas.
Income limits apply, based on location and household size.
May include closing cost assistance in addition to down payment help.
6. HomeRun Community Assistance Program
Our HomeRun program is designed to help low- to moderate-income homebuyers by offering down payment assistance and more flexible underwriting guidelines to make homeownership more accessible.
How It Works:
Offers low down payment options without mortgage insurance.
Designed for first-time and repeat homebuyers in eligible areas.
Provides assistance to help cover down payment and closing costs.
Many homebuyers assume they need a hefty down payment to buy a home, but these assistance programs can help ease the financial burden. If you’re considering purchasing a home but worried about upfront costs, our team at ONE Presidential Mortgage is here to guide you through the options available and find the best solution for your needs.
Ready to explore your down payment assistance options? Contact us today to start your homeownership journey with confidence!