Bridging the gap to your new home — purchase with less money upfront.
Breaking Down Barriers to Entry
At Contemporary Mortgage Services, we understand that saving for a down payment is often the biggest hurdle for homebuyers. Our Down Payment Assistance (DPA) programs are designed to provide financial support to eligible buyers, reducing the initial cost of purchasing a home.
These programs offer grants, low-interest loans, or forgivable loans through various government agencies and organizations, allowing you to reach your homeownership goals sooner than you thought possible.
Benefits of DPA Programs
Lower Upfront Costs
Reduce or eliminate the need for a massive down payment, keeping more cash in your pocket.
Increased Buying Power
Additional funds can help you qualify for a home that better suits your family's needs.
Financial Stability
Retain your personal savings for future home improvements or emergency expenses.
Flexible Options
Programs range from grants to forgivable loans, tailored to fit your specific financial situation.
Common Types of Assistance
Grants
Non-repayable funds provided to cover a portion of your down payment or closing costs.
Deferred Loans
Loans that require no repayment until you sell, refinance, or pay off your primary mortgage.
Forgivable Loans
Loans that are completely forgiven if you remain in the home for a set number of years.
Am I Eligible?
While every program is unique, most down payment assistance options consider the following factors:
Income Limits — Household income must typically stay within specific limits based on location and family size.
Primary Residence — The home must be used as your main residence (not an investment property).
Homebuyer Education — Some programs require a brief course to help prepare you for homeownership.
Credit Score — Minimum score requirements apply depending on the specific program and underlying loan type.
The Application Process
Consultation — Discuss your finances with an experienced Loan Originator to identify available programs.
Prequalification — See how much you borrow and which assistance options are available for your price range.
Application — We guide you through the documentation for both the mortgage and the assistance program.
Approval — Our team finalizes your loan and secures the assistance terms on your behalf.
Closing — Sign the final papers and move in with significantly reduced upfront costs!