Down Payment Assistance Programs (DAPS)
DAPS are loan mortgage programs for help first-time homeowners with needed down payment and closing costs associated with an FHA loan. There are primarily two kinds of the down payment program. The 501 ( c ) (3) Non-Profit organizations program or a State, Country or City backed DAPS.
The first category of DAPS, the 501 ( c ) (3) non-profit work together with the seller to assist the buyer. Such programs by non-profits include the:
- HART – up to $15,000 on down payment and closing costs
- Neighborhood Gold – up to 20% on down payment with Mortgage Payment Protection
- Nehemiah – buyers get assistance of up to 3% on down payment
Also applying to Texas FHA loans, these programs do not impose second mortgage requirements on applicants.
The State, County, and City Down Payment for FHA loans often require a second mortgage. These second mortages may require no initial payment and the homeowner may receive a total wipe-off on the down payment after a 10 to 20 years in the home. Here are some programs in this category:
CHDAP – up to 3% down payment on second mortgage
CHFA Loans (CHAFA) – A program for California residents with 100% financing
Access 2000 – No money down program
Both types of down payment assistance programs require an existing FHA loan. Use our Texas FHA loan finder tool to search for a program that is available to you.
