Down Payment Options to Help You Become a Homeowner

Many homebuyers are nervous about raising the funds to cover the down payment of a home. They believe they need to come up with 20% of the funds on their own or owning a home is just out of the question.

In reality, though, that just isn’t the case. There are a ton of different ways you can get the help you need. Some of them don’t even require you to be a first-time homebuyer.

Take a look at just a handful of options out there for you to reach your dream of owning a home.


This is a new one to us, but the California Association of Realtors gives it as an option. And while it might seem weird, it is an option if you are comfortable asking for funds from family, friends, and strangers. Check out this article to read more about crowdsourcing your downpayment and what’s required.

Lender Programs

There are a lot of lenders out there who offer various programs. These programs help buyers afford a small down payment on a house. For example, an FHA loan (Federal Housing Administration) can require as little as 3.5%.

Your Employer

A little-known secret, sometimes your employer can actually help you afford a down payment on a house. The EAH (Employer Assisted Housing) programs connect employees who are considered middle-to-low income get down payment assistance.

To see if your company offers this, speak with your HR department or the person who deals with benefits to see if they are part of an EAH program.

Government Options

There are a lot of different government options out there that can really help you afford a down payment on a house. The United States Housing and Urban Development offer tons of different programs. Some of the programs are based on first-time buyers, profession, and more.

California also has a great program called the GSFA Platinum Program. The program gives you up to 5% of the first loan amount for closing costs and/or down payment. The kicker – as long as you live in the house for at least 3 years you don’t have to pay it back. Ever. Even if you move before then, the cost is prorated.

Take a look at the down payment resource directory to see if you are eligible to the hundreds of down payment assistance options.

Down Payment Options


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