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Achieve your dream today.

Down payment assistance helps to remove the barriers to home ownership, so you can purchase a home and start building your own equity right away

Current Qualifications

- Credit Score 600 or Higher
- Taxes Filed 2023 & 2022

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What is down payment assistance?

Down payment assistance (sometimes abbreviated to DPA) programs provide funding for down payments to homebuyers. There are different kinds of DPA programs run by local governments, non-profits, and private organizations. Depending on where you live and which program you qualify for, at Team Alex Down Payment Programs, our goal is to make homebuying accessible to more people.

What are the benefits of down payment assistance?

The first and most obvious benefit of down payment assistance is that it enables you to buy a home without the upfront cost of saving for the down payment.

For many home buyers, this means owning a home sooner and more affordably. Buying a home early rather than waiting to save for a down payment can save you money and help you to build equity in the long term.

It can also have a number of other benefits. First, it means you can put in a more competitive offer, which is especially important when the market is hot.

Down payment assistance also helps to lower your overall mortgage amount, which means smaller monthly payments and less money spent over time. When you work with Team Alex, it also means you get support throughout the entire process of buying a home.

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Who qualifies for down payment assistance?

Qualifications will vary by state, but typical requirements include:

Low to moderate income

Moderate credit score (usually over 600)

First-time home buyer (or no homeownership in the past 3 years)

Must live in the property (ie. you can’t use down payment assistance for a rental or investment property)

When you start working with us, we’ll walk you through all of your local requirements and figure out exactly what you qualify for.

How down payment assistance work

How does down payment assistance work?

First, you’ll have to apply for down payment assistance. This is how we confirm whether you’re qualified and how much you qualify for. We’ll walk you through this application process. If you qualify, you’ll receive assistance in one of five forms:

Grants

You receive money for your down payment as a gift. You do not have to repay it ever!

Forgivable Loan

You receive a loan with a 0% interest rate that is forgiven after a certain amount of time (usually 5-15 years). 

Deferred Loan

You receive a loan to cover your down payment with a 0% interest rate. Whenever you sell or refinance your home, you will have to repay the loan, usually using the proceeds from the sale.

Low-Interest Loan

You will receive a loan with a low interest rate, and you make payments every month after closing on your new home. This works as a second, smaller mortgage. 

At Team Alex, we coordinate with federal and state funding to provide access to all of these options. We will also organize education on the home buying and mortgage process. We want to empower all of our home buyers to make the best financial decisions, and to feel in control of the process

How to choose a down payment assistance program

The goal of a legitimate DPA program is to make is easier for you to purchase a home. Assistance should either come at little or no cost to you. We also suggest you look for a company with good customer service. Purchasing a home is a stressful, often complicated process. You want to work with a team who can answer your questions and provide you with support. We have years of experience in the real estate industry and want to use it to make things easier for you. Our customers often tell us that they felt overwhelmed at the start of the financing process, but in control by the end. When you work with us, you will have support throughout the home buying process.

About downpayment assistance team alex

Why choose us for down payment assistance?

At Team Alex, we coordinate with federal and state funding to provide access to all of these options. We will also organize education on the home buying and mortgage process. We want to empower all of our home buyers to make the best financial decisions, and to feel in control of the process

Experienced

At Team Alex, we coordinate with federal and state funding to provide access to all of these options. We will also organize education on the home buying and mortgage process. We want to empower all of our home buyers to make the best financial decisions, and to feel in control of the process

Customer Service

When you work with a provider for down payment assistance, you want to have access to customer service when you need it. That’s why customer service is at the center of our down payment assistance work. We have extensive hours and make it a priority to get back to you quickly whenever you have a question or need our help. We’ll spend the time to make sure you understand every step of the process and are making informed decisions. Our goal is to make purchasing a home as easy as possible for you.

Proven Track Record of Helping Families Become Home Owners

The best evidence we can give you is the feedback from our happy customers. You can watch our video testimonials below.

Full-Service Support

In addition to down payment assistance, we offer complete realtor and financing support during the home buying process. Once you’re approved for a loan, we will help you to shop for a property, coordinate the home inspection, negotiate for repairs and renovations, and close the purchase deal. We’ll make sure you get the best possible deal and a home that meets all of your needs. We can’t wait to see you in your new home!

  • What is a down payment?
    A down payment is a percentage of the total cost of a house that homebuyers pay at closing. Most mortgages require a down payment of at least 3%. A down payment does not include other costs of buying a house, such as closing costs or legal fees.
  • Who qualifies for down payment assistance?
    Anyone who is a first-time home buyer/ have not owned a home within the last 3 years/ or moving up to a bigger home that will be your primary home.
  • How much does down payment affect interest rate?
    It depends on your credit score.
  • Does down payment assistance cover closing costs?
    No, our program only covers the down payment itself. Additional closing costs include lender fees, appraisal fees, title fees, and legal expenses. You will have to cover these costs yourself. We will inform you how much that is once qualified.
  • What is the income limit for down payment assistance?
    It varies by programs, some may or may not have restrictions. Our programs do not.
  • How much money does down payment assistance provide?
    The amount depends on where you are, but typically you get the full down payment amount. In some states, programs can give a percentage of the home’s sale price, while others limit assistance to a flat amount.
  • What is down payment assistance in texas?
    Funds to help you purchase a home.
  • Does down payment assistance increase interest rate?
    No it does not, your credit score does.
  • Do you have to pay back the down payment assistance program?
    There are different programs available and each vary with their requirement.
  • Do down payment assistance programs work?
    Yes they do, view our testimonials.
  • Is down payment assistance worth it
    Yes, view our client testimonials.
  • How much is fha down payment assistance?
    3.5% of your loan amount.
  • Is down payment assistance taxable?
    Consult your tax account as everyone tax breaks are different.
  • Are there special down payment assistance programs for veterans?
    Yes. At the federal and state levels, there are multiple down payment assistance options specifically for veterans and active military families. If you fall into one of these categories, you should take advantage of these funding programs.
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