Worried You Don’t Have Enough for a Down Payment? Here’s How to Make Homeownership Possible
If you’ve been dreaming of owning a home but feel uncertain about whether you have enough saved for a down payment, you’re not alone. The good news? There are programs designed to help you bridge the gap and make homeownership more achievable than you think. From national and federal options to Utah-specific resources, let’s explore the assistance available to help you get the keys to your new home sooner.
What Is Down Payment Assistance (DPA)?
Down Payment Assistance programs provide financial help to cover part—or sometimes all—of your down payment and closing costs. These programs come in different forms:
- Grants: Money you don’t have to pay back
- Forgivable Loans: Loans that are forgiven after you meet certain requirements (like living in the home for a set number of years)
- Deferred Loans: Loans you repay only when you sell or refinance
- Low-Interest Loans: Loans with favorable terms to make repayment easier
National Down Payment Assistance Programs
- National Homebuyers Fund (NHF)
- Offers grants or forgivable loans up to 5% of your mortgage to help with down payment and closing costs
- https://nhfloan.org/programs.html
- Next Door Programs (Teachers, First Responders, Healthcare Workers)
- Grants up to $9,000 and DPA assistance up to $24,000. Eligible for teachers, nurses, police, firefighters, EMTs, and more
- https://nextdoorprograms.us/
- Homeownership Council of America (HCA) – Equity DPA
- Supports first-time/generation buyers with grants or forgivable loans (up to 3–5% of purchase price)
- https://homeownershipcouncil.org/
Utah-Specific Down Payment Assistance Programs
- Utah Housing Corporation (UHC):
- Veterans Grants: Offers $2,500 for veterans that separated within the last 5 years and is a Utah first-time homebuyer
- https://utahhousingcorp.org/homebuyer/veteransgrants/
- First-Time Homebuyer Assistance for New Builds:
- Offers up to $20,000 with a 0%-interest deferred loan on newly built homes under $450,000
- https://utahhousingcorp.org/homebuyer/sb240/
- Community Development Corporation of Utah (CDCU):
- Provides deferred DPA loans for HUD-defined first-time buyers; funding is competitive and income-restricted.
- https://utahhousingcorp.org/homebuyer/downpaymentassistance/
- NeighborWorks Salt Lake / City-Based DPA:
- Offers forgivable grants in Murray (up to $30,000), Midvale ($25,000 to $30,000), and limited Salt Lake City funds
- https://www.nwsaltlake.org/down-payment-assistance
- City Grants:
- Some municipalities provide grants as forgivable loans
- Example from Provo: https://www.provo.gov/705/Down-Payment-Assistance-Loan-Programs
- Specialized Grants:
- Programs like HomeStart, HomeChoice (disability support), and Dream Makers (veterans) offer between $5,000–$10,000.
- Salt Lake Board of Realtor Grant:
- Quarterly drawing to win $10,000 towards your down payment
- https://slrealtors.com/american-dream-grant-program/
Ready to Take the Next Step?
Don’t let down payment worries hold you back from owning your dream home. There are programs available—national, federal, and right here in Utah—that can make homeownership possible for you.
Contact me today to learn which down payment assistance programs you qualify for and start your journey toward homeownership. I’ll guide you through the options and help you find the best fit for your needs.