Myth #26: You Can’t Get Down Payment Assistance

The Myth

You can’t get down payment assistance—if you don’t have the savings, you’re out of luck.

The Truth

There are dozens of down payment assistance (DPA) programs available across the country. These include national, state, and even local programs designed specifically to help first-time buyers, repeat buyers, and even certain professions like teachers or first responders.

Why People Believe This

Many buyers assume DPA programs are either outdated, unavailable in their area, or reserved only for the very low-income. Realtors and lenders don’t always bring them up, and buyers often believe they must handle the down payment alone.

Detailed Breakdown

Down payment assistance can come in several forms:

• Grants: Funds that do not need to be repaid.
• Forgivable Loans: Loans forgiven if you stay in the home for a certain number of years.
• Deferred Loans: No payments due until you sell, refinance, or pay off the mortgage.
• Matched Savings Programs: Programs that match your savings up to a certain amount.

For example:

• National programs like those from CHENOA and Path can assist first-time buyers.
• State programs such as WHEDA, KHC, and more often target residents with income or purchase price limits.
• Local city/county programs like the Waukesha Home Consortium may provide smaller grants to help cover the gap.

These programs aren’t just for “low-income” buyers. Many allow household incomes well above the median, making them accessible to middle-class professionals who simply haven’t had the time or ability to save up a big down payment.

Real-World Example

I recently helped a young couple in Wisconsin who thought they had to wait another 2–3 years to buy because they hadn’t saved enough. With the WHEDA program covering their down payment and much of their closing costs, they were able to move into their first home within 60 days—without draining their savings account.

The Bottom Line

Don’t assume you’re on your own when it comes to the down payment. Assistance programs exist to make homeownership more accessible, and there may be more options than you realize.

Ready to See What You Qualify For?

If you’ve been holding back because of the down payment, let’s connect. I’ll help you sort through the best state, local, and national programs to see what fits your situation. Contact me here.