Loans & Programs

Down Payment Assistance

There are many Down Payment Assistance* programs out there. Here are a few but make sure to consult with a Mortgage Planner to see which you qualify for.

NCHFA $8,000

This program offers $8,000 in down payment assistance from the U.S. Department of the Treasury’s Hardest Hit Fund to those who are eligible.

Eligible buyers can receive a fifteen-year, deferred, second-mortgage loan. The down payment assistance is combined with the NCHFA Home Advantage Mortgage and is forgiven at a rate of 20% per year for each full year after 10 years the buyer stays in the purchased home. After fifteen years in the home, the buyer is not obligated to repay the grant.

This program is only available to first-time homebuyers and military veterans who meet certain requirements. 

$25,000 First-Time Homebuyer Credit

The Down Payment Toward Equity Act of 2021 may be a great option for first-time homebuyers, if you qualify. This is money towards closing costs, not a tax credit. 

The bill will offer: 

    1. $20,000 for eligible first-time homebuyers
    2. Additional $5,000 for “socially and economically disadvantaged individuals”

Who may qualify for this? 

    1. First-Time Homebuyers (Anyone who has not owned a home in the last 3 years) 
    2. Average or Lower income 
    3. First-generation homeowners

For the additional $5,000 you do not have to be defined as a socially disadvantaged individual. This is also available to those that identify as Black, Hispanic, Asian American, Native American, or any combination thereof. 

There are requirements for each Down Payment Assistance program so it is best to ask a Fairway Mortgage Planner to help find the best program for your needs. 

Copyright©2021 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity. *Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

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