Worried that you can’t afford a down payment on a home? Here’s some good news: If you’re a first-time home buyer, you might qualify for down payment assistance provided through a government agency or private organization. Let’s look at what down payment assistance is and how it works, plus some different down payment assistance programs to consider when buying a house.

Most mortgage programs for first-time homebuyers require you to put money down to buy a home, often 3% or 3.5% at a minimum. Down payment assistance can help you cover this cost if you don’t have much money saved up. Down payment assistance typically comes in one of a few different forms

What do I need to qualify for down payment assistance?
The two most common requirements you need to meet are a minimum credit score of 620 or higher and an income limit that meets the program’s requirements. Many programs also consider your debt-to-income ratio (DTI).