For many aspiring homeowners, saving for a down payment is one of the biggest hurdles to purchasing a home. Fortunately, down payment assistance (DPA) programs exist to help bridge this gap, making homeownership more attainable for first-time buyers. A recent Newsweek article by Senior Editor Robert Thorpe explores various DPA options available and how they can benefit those looking to buy their first home.
How Down Payment Assistance Programs Work
DPA programs provide financial aid—either as grants, forgivable loans, or deferred-payment loans—to qualified homebuyers. These programs aim to reduce upfront costs, making it easier for individuals and families to transition from renting to owning. Many of these programs are offered by government agencies, nonprofits, and community organizations, often with eligibility requirements based on income, location, or profession.
Key Takeaways from the Article
Variety of Assistance Options: From grants that don’t require repayment to loans with flexible terms, buyers have multiple paths to securing down payment support.
State and Local Programs Matter: While national programs exist, many of the most impactful DPA programs operate at the state and local levels, offering tailored support to residents in specific communities.
Eligibility Varies: Each program has unique qualifications, often based on income, credit score, or whether the buyer is a first-time homeowner. Some even cater to specific groups, such as educators, first responders, or veterans.
The Importance of Research: Buyers are encouraged to explore all available options, as well as consult with lenders familiar with DPA programs, to maximize their chances of receiving assistance.
How Chenoa Fund Helps First-Time Buyers
As a national down payment assistance program (except in New York), the Chenoa Fund helps homebuyers overcome to homeownership. Our program offers flexible options designed to empower borrowers with sustainable financing solutions.
If you’re exploring homeownership and need assistance with your down payment, learning about programs like Chenoa Fund could be a game-changer.
For a deeper dive into the various DPA programs available, read the full Newsweek article here.
Want to learn more about how Chenoa Fund can help you? Contact us today to explore your options!
Equal housing opportunity.
CBC Mortgage Agency NMLS # 1186381 For licensing information, go to: www.nmlsconsumeraccess.org.
Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. Georgia Residential Mortgage Licensee, License # 1186381. The Chenoa Fund program is not currently offered in New York. This video is for information purposes and is not a commitment to lend.
