Down Payment and Closing Cost Assistance
At NeighborWorks Waco, we believe that homeownership should be within reach for everyone. If saving for a down payment or covering closing costs is holding you back, we’re here to help! Our Down Payment Assistance (DPA) and Closing Cost Assistance programs provide financial support to eligible homebuyers, making homeownership more affordable and achievable.
Down Payment Assistance (DPA)
Saving for a down payment can be one of the biggest challenges for first-time homebuyers. Our Down Payment Assistance program helps ease that burden by providing financial support to cover a portion of your upfront home purchase costs, bringing you one step closer to owning your dream home.
What is a Down Payment?
When buying a home, most buyers are required to make a down payment, which is the portion of the home’s purchase price that is paid upfront and not financed through a mortgage. The down payment reduces the total amount you need to borrow and helps you qualify for better loan terms.
The amount required depends on the lender and the type of loan you choose, such as FHA, VA, or Conventional. Making a larger down payment can lower your monthly mortgage payments and may help you avoid additional costs like mortgage insurance.
Program Benefits:
- Financial assistance to reduce your down payment burden
- Helps make homeownership more accessible
- Can be combined with other loan programs (VA, FHA, Conventional, and USDA)
Closing Cost Assistance
Closing costs can add up fast and often catch homebuyers by surprise. Our Closing Cost Assistance program offers financial support to help cover expenses like loan origination fees, title insurance, and other related costs, making your path to homeownership more affordable.
What are Closing Costs?
Program Benefits:
- Reduces the out-of-pocket expenses at closing
- Helps eligible homebuyers afford homeownership sooner
- Works alongside other mortgage programs
Who Qualifies?
Our down payment and closing cost assistance programs are available to eligible homebuyers who meet certain income and credit requirements. The amount of assistance may vary based on program guidelines and funding availability.
How to Apply
- Get Pre-Qualified – Contact our team to determine eligibility and discuss your mortgage options.
- Find Your Dream Home – Work with a trusted real estate professional to find a home that meets your needs.
- Apply for Assistance – Our team will guide you through the application process and help secure funding.
- Close on Your Home – With financial assistance in place, you’ll be one step closer to homeownership!
Ready to take the next step?
See if you qualify for down payment and closing costs assistance by working with our Homeownership Planners.
