Did you know that thousands of DPA programs exist, created for the sole purpose of making it easier to buy a house? Down payment assistance is typically offered locally and may come in the form of a loan or grant that doesn’t have to be paid back. If you qualify for a grant, that money may be able to go toward closing costs too.
Once you pre-qualify*, your Academy Mortgage Loan Officer can give you insight into which local programs may be available. Note that Veterans and active duty servicemembers may be eligible for specialty DPA programs in some states, with up to $10,000 in assistance available.
Another opportunity to save: While the Mortgage Credit Certificate (MCC) doesn’t reduce your down payment, it’s a dollar‐for‐dollar tax credit that’s stackable with down payment assistance.
Using the MCC, you could claim a tax credit of up to $2,000 a year for a portion of your paid mortgage interest, helping to decrease federal taxes owed and increase your refund. The MCC is ideal for lower-income buyers: Ask your Academy Mortgage Loan Officer if you’re eligible.