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Down payment assistance
Programs that help cover part of your down payment or closing costs. What's available depends on your state and the program.
Every state is different. Pick yours.
Montana
Colorado
North Carolina
Who it's for
Buyers with steady income who need help with the cash to close. A national FHA program is open to repeat buyers as well as first-time buyers; state programs set their own income and price limits.
How it works
- There are two kinds: a national FHA program available in every state we serve, and programs from state housing finance agencies.
- Both pair a first mortgage with a second mortgage that helps with the down payment and closing costs.
- Depending on the option, the second mortgage is either repaid with a monthly payment or forgivable after a set period with no monthly payment.
- You apply through a RedHouse loan officer, who places your loan with a lending partner that offers the program.
What you'll need
- A purchase of the home you'll live in (these programs don't cover refinances)
- Credit and income that meet FHA and program guidelines
- A homebuyer education course for some borrowers (online)
- The same income and credit documents as any FHA purchase
Common questions
Is this only for first-time buyers?
No. The national FHA program is open to repeat buyers, and some state programs are too. Check your state's page.
Do I have to pay it back?
It depends on the option. A repayable second has a monthly payment. A forgivable second has no monthly payment and can be forgiven once its conditions are met; if you sell or refinance before then, it has to be repaid. The terms are disclosed in writing before you commit.
Can I use it to refinance?
No. These programs are for home purchases only.