48 Meriden Rd, Suite 1, Middlefield, CT 06455

Down Payment Assistance

Down Payment Assistance

Want to buy a home? Think you need a down payment? No money?

Contact Me.



(860) 881-7392

Down payment assistance (DPA) programs help homebuyers with loans or grants that reduce the amount they need to save for a down payment… Loans (second mortgages) that are forgiven over a set number of years (often five, but up to 15 or 20), and only need repaying if you move, sell, refinance.

It used to be that a home buyer needed at least 20% down payment to purchase. Additional programs have been developed where minimum down payments may be 5% for a conventional loan or even 3.5 % for a FHA loan, for example. Few people are aware that the government offers these grants for those who qualify. Indeed, you may qualify for a grant to receive your full down payment. That can mean 100% financing for you.

Even if you don’t have money for closing costs, it is allowed to have the sellers cover these. It is helpful to have a realtor negotiate these fees for you. This all means you are purchasing without your own funds up front.

There are eligibility requirements. However, this program is very forgiving in terms of credit. We accept less than perfect credit. Minimum FICO score is 620. Additionally, we will allow for as high as 49 Debt To Income ratio.

This is an excellent program for those that qualify. Please contact me for details. I have been in the mortgage business for over 10 years. DPA is one of my specialties.

Beth Goulet
MLO # 186654