Home Buying Assistance Programs

HomeReady^® Mortgage

The HomeReady mortgage program is designed for low-to-moderate income borrowers earning less than 80% of the Area Median Income (AMI). This program offers reduced mortgage insurance requirements.

Program Highlights

• Down payments as low as 3%
• Reduced private mortgage insurance (PMI)
• Flexible income sources allowed, including boarder income
• Homeownership education may be required
• Available for first-time and repeat homebuyers

This program is ideal for buyers with limited savings.

Home Possible^®

Home Possible^® is another low down payment mortgage program designed for qualified low-to-moderate income borrowers.

Program Highlights

• Down payments as low as 3%
• Down payment can come from family gifts, grants, employer assistance, secondary financing, or sweat equity
• Reduced mortgage insurance (MI)
• Available for first-time and repeat buyers

BorrowSmart^®

The BorrowSmart^® program provides down payment or closing cost assistance to eligible homebuyers based on income and property location.

Program Highlights

• Receive assistance of $1,250 to $2,500 based on your income level
• Based on Area Median Income (AMI) limits
• Available in select geographic areas
• At least one borrower must be a first-time homebuyer

Home$tart Grant

The Home$tart Grant program helps first-time homebuyers with down payment and closing costs.

Program Details

• Up to $15,000 in grant funds
• Grant fully forgiven after 5 years and does not need to be repaid
• Must meet income and program guidelines
• Homebuyer education and counseling is required prior to closing
• Can be used with many conventional and FHA loan programs
• Funds are limited and available first-come, first-served

MHDC Homebuyer Programs (Missouri)

The Missouri Housing Development Commission (MHDC) offers affordable home loan programs with competitive interest rates and optional down payment and closing cost assistance for eligible Missouri homebuyers. These programs are available to first-time homebuyers, qualified veterans, and some repeat homebuyers who meet income and purchase price guidelines and can be combined with FHA, VA, USDA, or conventional loan programs.

Borrowers May Choose Between

Cash Assistance Option

• Receive 4% of the loan amount for down payment and closing costs
• Assistance is provided as a second mortgage
• Second mortgage is forgiven if the borrower stays in the home for 10 years
• Slightly higher interest rate than the non-cash option

Non-Cash Assistance Option

• Lower interest rate
• No down payment or closing cost assistance provided
• Good option for buyers who already have funds for down payment and closing costs

Kansas DPA Bond

This program provides down payment assistance grants to qualifying first-time homebuyers purchasing property in Kansas.

Program Features

• Assistance up to 4% of the loan amount
• Grant may be used for down payment, closing costs, prepaids, or principal reduction
• Purchase price and household income limits apply
• Can be combined with FHA, VA, or USDA loan programs

IHDAccess (Illinois)

IHDAccess provides multiple down payment and closing cost assistance options for Illinois homebuyers.

Available Options

IHDAccess Forgivable

Up to $6,000 forgiven monthly over 10 years. No repayment required unless the home is sold or refinanced within 10 years.

IHDAccess Deferred

Up to $7,500 as an interest-free loan. Repayment is deferred until the home is sold, refinanced, or after 30 years.

IHDAccess Repayable

Up to $10,000 as an interest-free loan. Repayment is made monthly at the same time as the first mortgage over a 10-year period.

If you’re not quite ready to qualify for a mortgage, our Credit Builder Loan Program can help you establish or improve your credit. By building a stronger credit profile, you may increase your eligibility for home buying assistance programs and better mortgage options.