BUT, WHO QUALIFIES FOR DOWN PAYMENT ASSISTANCE?

First, it's essential to know that there are two components—both you and the home you are buying must meet specific criteria, which vary by program. Napier ERA's program search tool allows you to answer a few simple questions to determine if you (and the home you want to buy) may meet the basic qualifications for a program.

WHAT ARE THE CRITERIA FOR THE BUYER?

Family finances matter. Household income thresholds, credit score minimums, and cash reserve requirements. Income thresholds based on the area median income—up to 120 percent in high-cost markets. Income limits are based on household size, so limits for a family of five are significantly higher than for a single person.

Most down payment assistance programs will require some money down from the home buyer, as well as homebuyer education, especially for first-time home buyers, to ensure your long-term homeownership success.

First-time homebuyer status. Many down payment assistance programs are designed for first-time home buyers. But, keep in mind that first-time homebuyers are defined as someone who has not owned a home in three years, so if you've been renting for the past four years, you're a first-time home buyer again!

But, not all programs are reserved for first-timers—about 37 percent of programs in Down Payment Assistance don't include that requirement.

Your profession may give you an edge. More than 14 percent of down payment assistance programs are designed for individuals providing a critical community service, including educators, protectors, health care workers, and veterans. Especially helpful in high-cost markets, the programs help workers live in the community they serve.