Low to No Down Payment? It's Possible.

Solutions for First-Time and Next-Time Homebuyers

Explore Our Down Payment Assistance Options*

At VanDyk Mortgage, we believe homeownership should be within reach for more people. That's why we offer down payment assistance programs designed to ease financial hurdles, whether you're a first-time buyer or purchasing again. With forgivable and amortized options, including Florida-specific programs, we're here to guide you every step of the way. From personalized guidance to clear communication, we make the mortgage process smoother so you can focus on what matters most: getting the keys to your new home.

* Must meet program qualifications

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Chenoa Fund

This program provides nationwide support to help with the 3.5% or 5% down payment required for FHA loans. Available as a second mortgage loan alongside your 25- or 30-year FHA fixed-rate first mortgage.

Two Flexible Options:

  • Repayable Assistance: 10-year term, 1% higher than the interest rate on 1st mortgage.
  • Forgivable Assistance: 30-year term with 0% interest. Fully forgiven after making 36 consecutive, on-time payments on your first mortgage. Any late or missed payment resets the 36-month countdown.
Key Benefits and Features:
  • No first-time homebuyer requirement.
  • Eligible properties: Single-family, townhomes, condos, modular, and select manufactured homes.
  • Non-occupant co-borrowers permitted.
  • Homebuyer education is required for borrowers with credit scores under 640 to ensure you're fully prepared for success.
  • Minimum credit score: 600.

Lakeview National DPA

A down payment assistance homeownership program designed to help low-to-moderate-income borrowers turn homeownership into reality.

Program Highlights:

  • Conventional: No first-time homebuyer requirement unless financing is over 95.00%
  • HomeReady/HomePossible: No first-time homebuyer requirement
  • Stable 30-year fixed-rate mortgage.
  • Add up to 4% with an interest-only second mortgage for down payment assistance.
  • Available to borrowers earning up to 140% of the area median income.
  • Minimum credit score: 660.
  • Eligible states:
    • Springboard: AK, AR, AZ (other than Phoenix/Maricopa County, which is not eligible), CO, CT, GA, ID, KS, NC, ND, NH, NM, OK, OR, PA, SD, UT, and WY.
    • Fahe: AL, HI, IL, KY, MA, MD, ME, MI, MN, MO, MS, MT, TN, VA & WI
    • All other states are ineligible as well as properties outside of the United States in a Territory Province or Commonwealth including but not limited to properties in Guam, Puerto Rico, the Virgin Islands, the Commonwealth of the Northern Mariana Islands or American Samoa.

VanDyk DPA

This program is available nationwide and designed to help you achieve homeownership with a low-down payment and monthly payments that fit into a comfortable budget.

Program Highlights:

  • No first-time homebuyer requirement.
  • FHA loans only
  • Some income limits may apply.
  • Forgivable and amortized (pay off over time) second options.
  • Available in 46 states (except Kentucky, Massachusetts, New York, and Washington)
  • Minimum credit score: 600.

Florida Specific Programs

Requirements to Qualify for the Down Payment Assistance Programs Below

  • Must be a first-time homebuyer who has not owned AND occupied a primary residence in the last 3 years.
  • Approved homebuyer education course is required to help you understand the homebuying process.
  • You must be income-eligible based on the county in which you purchase.
  • Minimum credit score: 640.

Florida Assist Program

  • Offers up to $10,000 on government, military, rural, and traditional loans.
  • A second mortgage with no initial payments and no increase in the loan balance.
  • Loan repayment is deferred and only due if you sell, transfer, or refinance your home or no longer live there.

State Housing Initiatives Partnership (SHIP)

  • This program offers funds to local governments to help build and maintain affordable housing for low-income families.
  • Requirements vary depending on the local government's guidelines.

Florida Homeownership Loan Program (FL HLP) Second Mortgage

  • Offers $10,000
  • A second mortgage with a fixed 3% interest rate with monthly payments.
  • 15-year term

Florida Hometown Heroes Housing Program

  • Borrowers can receive up to 5% of the total loan amount (max of $35,000) in down payment and closing cost assistance.
  • Assistance is available through a 30-year second mortgage at 0% interest, repayable when you sell or refinance your home.
  • Must be a full-time worker employed by any Florida-based business.
  • Subject to funds available.

30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year Fixed-Rate Loan at 6.500% and 75.00% loan-to-value (LTV) is $1,264 with 2 points due at closing. The Annual Percentage Rate (APR) is 6.834%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 6.000% and 75.00% loan-to-value (LTV) is $1,687 with 2 points due at closing. The Annual Percentage Rate (APR) is 6.538%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.