Federal Down Payment Assistance

• Borrowers who are eligible to receive a HomePath Mortgage may purchase a Fannie Mae-owned home
  
• Low down payment and flexible terms
  
• Minimum down payment of 3% can be funded through the borrower’s savings, a gift, a grant, or a secured loan
  
• Sale prices below market value
  
• No mortgage insurance
  
• Appraisals are not required
  
• Available for primary residence, second homes, investment properties, renovations, and purchase loans
  
• Approved for use with conventional and FNMA mortgages

• Available to law enforcement officers, teachers, firefighters and emergency medical technicians
  
• 50% discount off the list price for eligible properties
  
• Property must be the borrower’s primary residence for at least 36 months
  
• Approved for use with conventional, FHA and VA mortgages
  

• Developed to provide affordable housing to low-income families
  
• $2 billion annually distributed among participating jurisdictions
  
• Total Household Income cannot exceed 80% of the Area Median Income
  
• Some localities allow funds to be used as a down payment and closing cost assistance
  
• This program allocate funds to states, counties and cities on a need-basis. Participation requirements may differ in the various jurisdictions

• Provides funds to assist low-income families and first time homebuyers with down payment, closing costs and rehabilitation
  
• Maximum loan of $10,000 or 6% of the purchase price (whichever is greater)
  
• Total Household Income cannot exceed 80% of the Area Median Income
  
• This program allocate funds to states, counties and cities on a need-basis. Participation requirements may differ in the various jurisdictions

• Annually provides grants to 1209 locals governments and states based on a specific formula
  
• Some localities allow funds to be used as a down payment and closing cost assistance
  
• This program allocate funds to states, counties and cities on a need-basis. Participation requirements may differ in the various jurisdictions

• Annually provides grants to states and selected local governments based on a specific formula
  
• Funds may be used for the purchase and/or redevelopment of foreclosed homes and residential properties
  
• Total Household Income cannot exceed 120% of the Area Median Income
  
• This program allocate funds to states, counties and cities on a need-basis. Participation requirements may differ in the various jurisdictions

See more information about our State down payment assistance programs and Local down payment assistance programs.