Down Payment Assistance in Arizona & Texas
Programs that may help cover part of your down payment or closing costs, depending on your eligibility.
What Is Down Payment Assistance?
Down payment assistance programs are designed to help eligible buyers cover some or all of their down payment, and sometimes closing costs, through a grant, a low-interest loan, or a deferred second mortgage. Here at Efinity Mortgage, we help clients check which programs they may qualify for based on their specific situation, loan type, and location.
How Down Payment Assistance Works
Programs vary widely depending on where you're buying, and each one has its own eligibility rules, income limits, and requirements. Some programs are grants that don't need to be repaid, while others are structured as a second loan, sometimes with terms like deferred payments or forgiveness over time. Because the details differ so much from program to program, it's best to review your specific options together rather than assume a general number applies to your situation.
Who Down Payment Assistance Is Often a Good Fit For
- First-time homebuyers
- Buyers who qualify for FHA, conventional, or other eligible loan programs
- Buyers within a program's income limits
- Buyers who need help covering upfront costs but can otherwise afford their monthly payment
Down Payment Assistance & Your Loan Program
Down payment assistance is generally paired with an underlying loan program, such as FHA or conventional. Because of this, your eligibility for assistance often depends on which loan program you qualify for and use.
Learn More About FHA Loans · Learn More About Conventional Loans
Is Down Payment Assistance Right for You?
Every buyer's situation is different, and available programs can change based on your location, income, and loan type. Reviewing your options together is the best way to know what may realistically be available to you.
Common Questions
How much assistance can I get?
It depends entirely on the specific program, your loan type, and your eligibility, but it could range from 3% to 5% of the purchase price or loan amount, depending on the program. It's best to review your exact numbers together rather than rely on a general figure.
Do I have to pay the assistance back?
It depends on the program. Some are grants that don't require repayment, while others are structured as a loan with its own terms.
Can I combine down payment assistance with any loan program?
Not always. Availability often depends on which loan program you're using and the specific assistance program's requirements.
Do I have to be a first-time homebuyer to qualify?
Not necessarily. Some programs are limited to first-time buyers, while others are open to repeat buyers, so it's worth checking your specific situation.