elcome to Down Payment Assistance at Garden City Mortgage Team

For many people, the dream of owning a home feels just out of reach — not because they can’t afford the monthly payments, but because saving up enough money for a down payment feels like an impossible task. The good news? You are not alone, and you don’t have to figure it out by yourself. Down Payment Assistance programs exist specifically to bridge that financial gap, and Garden City Mortgage Team is here to help you take full advantage of every opportunity available to you.

A down payment is one of the biggest upfront costs associated with buying a home. Depending on the type of loan you choose — whether it’s a Conventional Loan, an FHA Loan, or another product — the required down payment can range anywhere from 3% to 20% or more. For many first-time buyers, especially younger professionals and families just starting out, coming up with that amount of cash can feel like a serious roadblock.

That’s exactly why Down Payment Assistance programs were created. These programs — offered by federal, state, and local governments, as well as certain nonprofit organizations — provide eligible homebuyers with financial help in the form of grants, forgivable loans, or low-interest loans that can be applied directly toward the down payment on a new home.

At Garden City Mortgage Team, we make it our mission to connect you with the right Down Payment Assistance program for your situation and guide you through the entire process from start to finish.

What Is Down Payment Assistance, Exactly?

Let’s break it down simply. Down Payment Assistance, often referred to as DPA, is any form of financial aid designed to help a homebuyer cover the cost of their down payment — and in some cases, closing costs as well. These programs come in several different forms, and the structure can vary depending on where you live and which program you qualify for.

Grants – A grant is essentially free money. You don’t have to pay it back. Some Down Payment Assistance programs offer grants that can cover a portion or even all of your required down payment. These are the most desirable form of assistance, and while they can be competitive to qualify for, they are absolutely worth exploring.

Forgivable Loans – Some Down Payment Assistance programs offer loans that are forgiven after a set period of time — often 5 to 10 years — as long as you remain in the home. This means you receive the funds you need today, and if you stay in your home and meet the program’s requirements, you never have to pay it back.

Low-Interest or Zero-Interest Loans – Other programs offer loans with very low or even zero percent interest rates. These loans are typically paid back over time, but the terms are often far more favorable than a traditional loan, making them a great way to get into a home without a massive upfront cash outlay.

No matter which form it takes, Down Payment Assistance is one of the most powerful tools available to today’s homebuyers — and Garden City Mortgage Team is here to help you use it wisely.

Who Qualifies for Down Payment Assistance?

One of the most common questions we hear is, “Do I qualify?” The answer depends on the specific program, but here are some of the most common eligibility criteria for Down Payment Assistance programs:

First-Time Homebuyers – The majority of Down Payment Assistance programs are designed for first-time buyers. In most cases, a “first-time buyer” is defined as someone who has not owned a home in the past three years — so even if you’ve owned a home before, you may still qualify.

Income Limits – Many Down Payment Assistance programs are income-based, meaning there is a maximum household income you must fall below in order to qualify. These limits vary by location and program, but they are generally designed to help low-to-moderate income earners.

Credit Score Requirements – While Down Payment Assistance programs focus on helping buyers who need financial support, most still require a minimum credit score. This is often in line with the requirements of the loan product you’re pairing the assistance with — for example, FHA Loans typically require a credit score of 580 or higher, while Conventional Loans may require 620 or above.

Property Type and Location – Some programs are limited to specific property types — such as single-family homes or condos — or specific geographic areas. USDA Loans, for instance, are designed for rural and eligible suburban properties, and certain Down Payment Assistance programs in those areas may align with USDA Loan requirements.

Homebuyer Education – Many Down Payment Assistance programs require you to complete a homebuyer education course before you can receive the funds. These courses are designed to prepare you for the responsibilities of homeownership and are often available online for free or at a very low cost.

How Down Payment Assistance Works with Other Loan Products

One of the most powerful things about Down Payment Assistance is that it doesn’t replace your mortgage — it works alongside it. This means you can combine Down Payment Assistance with a variety of loan products to create a financing strategy that truly fits your needs. Here’s how some of those combinations might look:

Down Payment Assistance + FHA Loans – FHA Loans are one of the most popular loan products for first-time buyers because of their low down payment requirements and flexible credit guidelines. Pairing an FHA Loan with a Down Payment Assistance program can reduce — or even eliminate — the amount of cash you need to bring to the closing table. This is one of the most common and effective combinations we see at Garden City Mortgage Team.

Down Payment Assistance + Conventional Loans – Conventional Loans typically require a down payment of anywhere from 3% to 20%. If you’re looking to go the conventional route but don’t have enough saved up, a Down Payment Assistance program can fill that gap beautifully. This combination is especially popular among buyers who want to avoid paying private mortgage insurance by reaching a 20% down payment with the help of assistance funds.

Down Payment Assistance + VA Loans – VA Loans are an incredible benefit for eligible veterans and active-duty military members, often requiring little to no down payment at all. In cases where a small down payment or closing costs are still needed, Down Payment Assistance can help cover those remaining expenses and make the path to homeownership even smoother for our nation’s service members.

Down Payment Assistance + USDA Loans – USDA Loans are designed for buyers purchasing in rural or eligible suburban areas and can offer 100% financing in some cases. For buyers in these areas who still need help with closing costs or other upfront expenses, Down Payment Assistance programs can provide that extra layer of support.

Down Payment Assistance + Bank Statement Loans – Self-employed individuals and business owners who qualify for Bank Statement Loans may also be eligible for certain Down Payment Assistance programs. This combination can be especially helpful for entrepreneurs who have strong deposit histories but limited traditional savings set aside for a down payment.

Down Payment Assistance + Bridge Loans – In some situations, a buyer may be transitioning between properties and need short-term financing. While Bridge Loans serve a different purpose, understanding how Down Payment Assistance fits into your overall financial picture — alongside products like Bridge Loans — helps ensure you’re making the most informed decision possible.

Down Payment Assistance + Jumbo Loans – Jumbo Loans are used for higher-priced properties that exceed conventional loan limits. While Down Payment Assistance is less commonly paired with Jumbo Loans due to the higher price points involved, it’s always worth exploring every option available to you.

Down Payment Assistance + HELOC Loans – If you already own a home and are looking to purchase a second property or investment, a HELOC Loan can help you tap into your existing equity. Down Payment Assistance, on the other hand, is typically aimed at primary residence purchases — but knowing the difference between these two products helps you plan your next move with clarity.

Down Payment Assistance + DSCR Loans – DSCR Loans are popular among real estate investors who qualify based on a property’s rental income potential. While Down Payment Assistance is generally geared toward owner-occupied homes, investors who are also first-time buyers in certain programs may find creative ways to leverage both.

The Down Payment Assistance Application Process at Garden City Mortgage Team

Applying for Down Payment Assistance doesn’t have to be complicated — especially when you have the right team in your corner. Here’s how we handle the process at Garden City Mortgage Team:

Step 1: Initial Consultation – Everything starts with a one-on-one conversation. You’ll sit down with one of our knowledgeable loan officers to talk about your goals, your financial situation, and the type of home you’re looking for. We’ll help identify which Down Payment Assistance programs you may be eligible for right away.

Step 2: Program Identification and Research – Our team stays up to date on all available Down Payment Assistance programs in your area — federal, state, local, and nonprofit. We do the research so you don’t have to, and we present you with the options that make the most sense for your situation.

Step 3: Documentation and Application – We’ll walk you through exactly what documents are needed to apply for both the Down Payment Assistance program and your chosen mortgage product. Whether you’re going with an FHA Loan, a Conventional Loan, or another product, we handle the paperwork with care and precision.

Step 4: Underwriting and Approval – Once everything is submitted, our underwriting team reviews your application thoroughly. We keep you informed and updated at every stage so there are no surprises along the way.

Step 5: Closing Day – When everything is approved, we guide you through the closing process step by step. Your Down Payment Assistance funds are applied, your mortgage is finalized, and before you know it — you’re holding the keys to your new home.

Why So Many First-Time Buyers Choose Garden City Mortgage Team

At Garden City Mortgage Team, we understand that buying your first home is one of the most exciting — and nerve-wracking — financial decisions you’ll ever make. That’s why we go above and beyond to make the experience as smooth, transparent, and empowering as possible.

We are experienced with a wide range of mortgage products — from FHA Loans and Conventional Loans to VA Loans, USDA Loans, Jumbo Loans, DSCR Loans, Bank Statement Loans, Bridge Loans, and HELOC Loans. That depth of knowledge allows us to see the full picture of your finances and help you choose the combination of products and programs — including Down Payment Assistance — that gives you the strongest possible path to homeownership.

We also believe in education. The more you understand about your options, the better decisions you’ll make. Our loan officers take the time to explain everything clearly, answer every question you have, and make sure you feel confident and informed at every stage of the journey.

Most importantly, we genuinely care about helping people achieve their dreams. Homeownership changes lives — and Down Payment Assistance can be the key that unlocks that door for so many deserving buyers. We are proud to be a part of that story.

Frequently Asked Questions About Down Payment Assistance

Does Down Payment Assistance affect my mortgage rate? In most cases, no. Down Payment Assistance is applied to your down payment or closing costs and does not directly impact the interest rate on your mortgage. However, the loan product you choose — such as an FHA Loan or Conventional Loan — will determine your rate.

Can I use Down Payment Assistance if I’ve owned a home before? It depends on the program. Many Down Payment Assistance programs define “first-time buyer” as someone who has not owned a home in the past three years. So even if you’ve owned before, you may still be eligible. Our team can help you determine this.

Is there a limit on how much Down Payment Assistance I can receive? Yes — every program has its own maximum assistance amount. These limits vary by program, location, and purchase price. Our loan officers will help you understand exactly how much you may be eligible to receive.

Do I have to pay back the Down Payment Assistance? That depends on the type of assistance you receive. Grants do not need to be repaid. Forgivable loans are forgiven after a set period if you stay in the home. Other programs may require repayment over time. We’ll make sure you fully understand the terms before you apply.

Can Down Payment Assistance be combined with seller concessions? In many cases, yes. Seller concessions — where the home seller agrees to pay a portion of your closing costs — can work alongside Down Payment Assistance to further reduce what you owe at closing. Our team will explore every option to minimize your out-of-pocket expenses.

Ready to Make Homeownership a Reality?

If saving for a down payment has been the one thing standing between you and the home you’ve always wanted, Down Payment Assistance could be the solution you’ve been looking for. And at Garden City Mortgage Team, we are dedicated to helping you find it, understand it, and use it — so you can focus on the exciting part: moving into your new home.

Don’t let the down payment hold you back any longer. Reach out to us today. Our team is ready, and your journey to homeownership starts right now.

Contact Us – Garden City Mortgage Team

We’d love to help you explore whether a Down Payment Assistance program is the right fit for your situation. Don’t hesitate to get in touch — we’re here to help.

Business Name: Garden City Mortgage Team

Loan Officer: Shaun Utterson

Phone Number: 📞 (910) 444-9567

Email: ✉️ sutterson@emmloans.com

At Garden City Mortgage Team, we are committed to helping you move forward with confidence. Contact us today and let’s find the right solution for you.