Down Payment Assistance
Down payment assistance can be used in conjunction with a Conventional, FHA, VA, or USDA loans and typically offer gifts or grants to aid in down payment or closing costs. Many first-time homebuyer loans can also be combined with additional programs that include a Government grant, a gift from a family member, or Community Non-Profit Down Payment Assistance.
Down Payment Assistance Highlights:
- Down Payment of 0% to 5% of the purchase price for primary residences only.
- Missouri’s MHDC program allows for a forgivable 4% grant to be used toward down payment and closings costs.
- Illinois’ IHDA program allows for the same type of grant at 4% forgivable 5% deferred or 10% Repayable or 1st Home Illinois (certain counties $7,500).
- There are also a variety of community Down Payment Assistance programs that could serve as a substitute or potentially combined with Missouri’s MHDC and Illinois’ IHDA programs.
- Down Payment Assistance Loans are backed by Fannie Mae or Freddie Mac, FHA (Federal Housing Authority), VA (Veterans Administration), or USDA (rural development).
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