Almost everyone who purchases a home will generally need to make a down payment. A down payment is a cash percentage of the home’s final purchase price–which can typically range from 3.5% to 20%. While everyone faces a unique situation, the more you can get together for a down payment the better. Factors like your savings, monthly income, and expenses will determine the right amount. 

Understandably, many first-time buyers have a difficult time gathering the cash needed for a down payment. Down payment assistance can help make up the difference.

Most down payment assistance is geared toward first-time homebuyers. Loans, grants and more are available through the federal government, state or local housing authorities and nonprofits. To take advantage of these programs, you’ll have to meet some eligibility requirements for income and credit, and the amount of cash rewarded will vary depending on the organization.