Nationwide Down Payment Assistance

New Nationwide Down Payment Assistance Program: What Today’s Homebuyers Need to Know

Buying a home has become more challenging in recent years, especially when it comes to saving for a down payment and closing costs. The good news? A new nationwide Down Payment Assistance (DPA) program is now available that can help many buyers overcome that hurdle and move forward with confidence.

Here’s a breakdown of how this program works and why it may be a game-changer for today’s buyers.

Up to 5% Assistance Toward Your Home Purchase

Through Envoy Mortgage’s SmartBuy Down Payment Assistance program, eligible buyers can receive up to 5% of the purchase price to help cover:

• ✔️ Down payment
  
  
• ✔️ Closing costs
  
  
• ✔️ Prepaid items (taxes, insurance, etc.)
  
  
• ✔️ Even buying down your interest rate
  
  

This assistance can be paired with FHA or USDA 30-year fixed-rate loans, making it accessible to a wide range of buyers.

No First-Time Buyer or Income Restrictions

One of the most attractive features of this program is its flexibility:

• ❌ No first-time homebuyer requirement
  
  
• ❌ No income limits
  
  
• ✔️ Available nationwide (except New York)
  
  

That means repeat buyers, move-up buyers, and buyers purchasing after a life change may all qualify—not just first-time purchasers.

Forgivable or Repayable Options Available

Buyers can choose from multiple assistance structures depending on their goals:

🔹 Forgivable Option

• 3.5% assistance
  
  
• 0% interest
  
  
• No monthly payments
  
  
• Fully forgiven after 5 years
  
  

🔹 Repayable Options

• 3.5% or 5% assistance
  
  
• Amortized over 10 years
  
  
• Requires a minimum 660 FICO score
  
  
• Ideal for buyers who want higher assistance upfront
  
  

Credit Score & Loan Guidelines

• Minimum 620 FICO score
  
  
• Program follows FHA and USDA guidelines
  
  
• Available on high-balance loan amounts as well
  
  

As always, final eligibility depends on loan approval and underwriting guidelines.

Why This Matters for Buyers Right Now

Many qualified buyers can afford the monthly payment—but struggle to save enough cash upfront. This program helps bridge that gap, allowing buyers to:

• Get into a home sooner
  
  
• Preserve savings for emergencies or future improvements
  
  
• Compete more confidently in today’s market
  
  

In short, it can turn “almost ready” buyers into homeowners.

Let’s See If This Program Is Right for You

Every buyer’s situation is unique, and not all programs fit every scenario. If you’re thinking about buying a home—or wondering if you qualify for down payment assistance—I’d be happy to walk you through your options and connect you with a trusted lender to explore next steps.

📞 Reach out anytime for more details or a personalized buyer strategy.