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Down Payment Assistance

Don't have enough saved for a down payment? You may not need as much as you think — or any at all. Down Payment Assistance (DPA) programs help qualified buyers cover upfront costs so they can stop renting and start owning sooner.

First-Time & Repeat Buyers Grants Available Forgivable Second Loans Low or No Money Down
805-231-1644 DWaldman@genevafi.com Geneva Financial NMLS #42056
What Is Down Payment Assistance?

You May Need Less Money Than You Think

A down payment is the portion of a home's purchase price you pay upfront — out of your own pocket — before your mortgage covers the rest. For example, if you're buying a $300,000 home and need a 3.5% down payment, that's $10,500 you'd need saved before closing.

Down Payment Assistance (DPA) programs help cover that upfront cost — through grants (money you don't repay), forgivable loans (loans that go away if you stay in the home), or low-interest second loans. Many programs are funded by state and local governments, nonprofits, or housing authorities.

DPA programs can be paired with conventional loans, FHA (Federal Housing Administration) loans, and VA (Department of Veterans Affairs) loans in many cases — meaning if you already qualify for one of those, you may also qualify for additional assistance on top of it.

The Big Myth About Down Payments

  • Many people believe you need 20% down — you don't
  • FHA loans require as little as 3.5% down
  • Conventional loans can go as low as 3% down
  • VA loans for eligible veterans require 0% down*
  • DPA can cover part or all of the remaining down payment requirement
  • Some programs also help with closing costs (fees due at signing)

Let Us Check What You Qualify For

DPA availability varies by location, income, and loan type. The fastest way to find out what you qualify for is to call — we'll check current programs in your area at no cost.

Call 805-231-1644
Types of Assistance

Not All Help Looks the Same

Down payment assistance comes in several forms. Some is truly free — some is a loan you repay later. Here's a plain-English breakdown of what's out there.

Grants

Free money — no repayment required

A grant is a gift — you receive money toward your down payment and you never have to pay it back. These are typically offered by government housing agencies or nonprofits, and are often income-based or first-time buyer programs.

Things to Know

  • Usually reserved for first-time buyers (but not always)
  • May have income limits
  • Often tied to specific loan types or lenders
  • Availability changes — ask us what's current in your area

Forgivable Second Loans

A loan that disappears if you stay in your home

A forgivable loan works like a grant with one condition: you must stay in the home for a set period (often 3–10 years). If you sell or refinance before that period ends, you may owe some or all of it back. If you stay, the balance is forgiven — meaning you owe nothing.

Things to Know

  • 0% interest in most cases — no monthly payment required
  • Forgiveness is prorated — the longer you stay, the less you owe if you leave early
  • Common for buyers who plan to stay long-term
  • Program terms vary significantly — always read the fine print

Low-Interest Second Loans

A second loan to bridge the gap — paid off over time

Some DPA programs provide a second mortgage at a very low (or deferred) interest rate to cover the difference between what you have saved and what you need. Unlike a forgivable loan, this one does eventually get repaid — but on favorable terms.

Things to Know

  • Repaid when you sell, refinance, or pay off your first mortgage
  • Some have 0% interest with deferred payments
  • Helps buyers get into a home sooner without depleting savings
  • Can be used alongside FHA, VA, or conventional loans

Employer & Nonprofit Programs

Help from your job, community, or local organization

Some employers, unions, hospitals, and community nonprofits offer their own homebuying assistance programs. Teachers, first responders, healthcare workers, and government employees may have access to additional programs on top of standard DPA options.

Things to Know

  • Often stackable with other DPA programs
  • May include closing cost help, not just down payment
  • Eligibility is specific to your profession or employer
  • Ask your HR department or give us a call — we'll help you find out
Family receiving keys to their new home

Helping You Get There

The Down Payment Shouldn't Be What Stops You

One of the biggest barriers to homeownership is simply not having enough cash saved upfront. But that gap is often smaller than people expect — and with the right DPA program, it may be bridgeable.

Helocs & Heroes, backed by Geneva Financial, has been helping buyers navigate these programs since 2007. We know what's available, how to stack programs when possible, and how to get you to closing with the least amount of cash out of pocket.

Who This May Help

DPA Is More Common Than You Think

These programs exist because lawmakers and housing agencies want more people to own homes. You don't have to be in poverty to qualify — many programs serve working and middle-income buyers.

First-Time Homebuyers

If you've never owned a home — or haven't owned one in the past three years — you may qualify as a "first-time buyer" under many DPA definitions, even if you've rented for decades.

Moderate-Income Households

Most programs target buyers who earn a decent living but haven't had the opportunity to build significant savings. Income limits are often set at 80–120% of the area median income.

Teachers, First Responders & Healthcare Workers

Public service professionals often have access to additional programs — including Homes for Heroes, state-funded teacher programs, and HUD's Good Neighbor Next Door initiative.

Veterans & Active Military

VA loans already offer 0% down* — but eligible veterans may also stack state or local DPA programs for help with closing costs, reducing the cash needed even further.

How It Works

Simple Steps to Find Your Assistance

We handle the research. You focus on finding the right home.

Step 1 — Call or Email Us

Tell us where you're looking to buy, your approximate income, and whether you've owned a home before. That's enough to start identifying programs.

Step 2 — We Search Available Programs

We'll identify current DPA programs in your target area, check your eligibility, and explain exactly what each program offers — in plain language, no jargon.

Step 3 — Apply Together

DPA applications are usually processed alongside your main mortgage. We coordinate everything so you're not juggling multiple lenders or applications on your own.

Step 4 — Close with Less Cash

At closing, the DPA funds are applied to your down payment or closing costs — reducing the amount you need to bring to the table on the day you get your keys.

⚠ A Few Things Worth Knowing Upfront

  • → DPA programs are funded by third parties — not Geneva Financial. Availability changes frequently and varies by location.
  • → Some programs have income limits — if you earn too much, you may not qualify. Others have no income cap.
  • → DPA programs are not a substitute for financial preparation — you may still need to cover inspection fees, appraisals, and other upfront costs.
  • → Forgivable loans that require you to stay in the home are binding — understand the terms before committing.
  • → Geneva Financial does not guarantee access to any specific DPA program. Eligibility depends on current program availability, lender participation, and individual borrower qualifications.

Program Disclosures

* 100% financing up to the appraised value of the property, for eligible VA borrowers.

Find Out What You Qualify For

DPA programs are time-sensitive and location-specific. The fastest way to know what's available for your situation is to call. We'll do the research and walk you through your options — no obligation.

Call 805-231-1644 Email DWaldman@genevafi.com