Down Payment Assistance Programs are structured to help clients that have good credit but lack assets for a down payment. Down payment assistance programs are typically meant for first-time home buyers.
However, a repeat home buyer often counts as a “first-time buyer” if they haven’t owned a home in the past three years. Other requirements might include income caps, purchase price caps, and buying a home in a qualified area. Many programs also require homebuyer education courses.
Every down payment assistance program is a little different. The exact criteria to qualify will depend on where you live and what programs are available. That said, many of them have similar guidelines.