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Down payment assistance blog: DPA program guides and application tips

Original explainers and program updates from the Simply Approved Mortgages down payment assistance team. Articles reference publicly available HUD, state, and local housing finance agency materials — we are not affiliated with those agencies. No fabricated stats and no sales fluff.

Illustrative photo for the down payment assistance guide "Down Payment Assistance Blog"
Illustrative photo. Down payment assistance terms are set by each administering agency, not by Simply Approved Mortgages.

Latest articles

Fresh down payment assistance articles are on the way.

Our team is publishing in-depth DPA guides, program limit breakdowns, and application explainers. In the meantime, explore the in-depth guides already on the site — or get a personalized estimate from a licensed loan officer.

Start with the basicsGet my estimate
FAQ

Down payment assistance blog: frequently asked questions

How often is the Simply Approved Mortgages blog updated?
We publish new DPA guides, program limit breakdowns, and application explainers on an ongoing basis. Every article cites HUD or state/local housing finance agency source material — we never publish fabricated statistics or invented figures.
Is this blog written by a lender?
No. Simply Approved Mortgages (NMLS #2620881) is a licensed mortgage brokerage originating residential mortgages in Florida and Colorado. We help you understand available down payment assistance programs and how they pair with a first mortgage before you apply.
Do I need to be a first-time buyer to read these articles?
Anyone can read the blog, but many down payment assistance programs have first-time-buyer, income, and purchase-price eligibility requirements set by the administering agency.
Where should I start if I'm new to down payment assistance?
Start with our How DPA Works guide, then browse the Programs and Local categories for deeper detail on eligibility, funding structures, and current income and price limits.
Can I get a personalized estimate instead of reading articles?
Yes. Use the free calculator or request a no-obligation estimate from a licensed Simply Approved Mortgages loan officer at any time — you don't need to read the whole blog first.

DPA amount calculator and eligibility checker

Estimate your assistance amount, the second-lien payment and where you stand against the program rules. Illustrative only — not a quote, offer or commitment to lend.

Simply Approved Mortgages DPA

DPA amount calculator & eligibility checker

Estimate 3.5% assistance on the lesser of price or appraisal, layered over a 30-year fixed FHA first mortgage.

Estimated DPA
$14,000
3.5% of $400,000
2nd-lien P&I
$174
10-yr · 8.500%

Amount calculator

Assistance tier
Lesser of price or appraisal
$400,000
DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate
8.500%
Monthly P&I
$174/mo

Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear only on your Loan Estimate and Closing Disclosure.

Want a copy of these numbers? We'll email them to you, with the assistance programs in our database for your state.

Eligibility checker

Documentable qualifying income?

Willing to complete homebuyer education before closing?

Property in NY, WA, USVI, Guam, MP, or AS?

Answer each question above to see your preliminary result.

Talk to a Loan Officer →

Preliminary self-check only. Not a quote, lock, offer, or commitment to lend. Simply Approved Mortgages is not affiliated with HUD, FHA, VA, USDA, FHFA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.

For informational and illustrative purposes only.

The figures produced here are estimates generated from the numbers you entered. They are not a loan offer, pre-approval, approval, commitment to lend, rate quote or rate lock, and they do not guarantee any loan term, payment or amount of assistance. Your actual figures depend on lender underwriting, program rules, property, credit profile and the pricing available on the day you lock.

This estimate excludes property taxes, homeowners insurance, mortgage insurance, HOA dues, closing costs unless the tool states otherwise, so your real monthly cost and cash to close will be higher.

Simply Approved Mortgages LLC | NMLS #2620881 | Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration | Equal Housing Opportunity. Residential mortgage loans are arranged in Florida and Colorado only.

Keep reading

Related pages on down payment assistance, local markets and the numbers behind each program.

Simply Approved Mortgages In-House DPA

Our own down payment assistance program — up to 5% toward your primary home

Simply Approved Mortgages LLC · NMLS# 2620881

In addition to matching you with agency programs, we offer our own assistance program, provided through our wholesale lender partner and arranged by Simply Approved Mortgages: up to 5% of the lesser of the purchase price or appraised value, structured as a repayable 10-year fixed second mortgage on a qualifying primary residence. It layers with FHA 203(b) or FHA 203(k) purchase first mortgages only, and the second lien is priced at the first-mortgage rate plus 2.00%. It is fully amortizing — not a grant and not forgivable — so your Loan Officer will show a side-by-side comparison before you commit.

Offered through our wholesale lender partner
Up to 5% of the lesser of purchase price or appraised value
Repayable 10-year fixed second mortgage
Layers with FHA 203(b) or FHA 203(k) purchase first mortgages
Second-lien rate = first-mortgage rate + 2.00%
Fully amortizing — not a grant and not forgivable
Qualifying primary residence only
See if you qualifyTalk to a Loan Officer

Program at a glance

Assistance
Up to 5%
Where
FL & CO*
Min credit
580
First-time buyer
Not required

*Our wholesale lender partner offers this product nationwide, but Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only, so we can originate it in those two states only. Outside Florida and Colorado this is educational information and you should work with a lender licensed in your state.

How it works

1. Find the assistance you qualify for

Answer ten short questions and our DPA matching tool screens your location, income, price range, credit band and first-time buyer status against every state, county and city program we track.

2. A licensed loan officer reviews it with you

A Simply Approved loan officer confirms which programs your file can actually use, how each one is structured, and what it means for your monthly payment and closing costs.

3. Pair assistance with your first mortgage

Assistance is delivered through an approved first mortgage. We arrange the FHA, conventional, VA or USDA loan underneath it and reserve the assistance funds once you are under contract.

4. Funds arrive at closing

The assistance is wired to the closing agent and applied to your down payment and, where the program permits, closing costs — so your own savings stay where they belong.

Repayment: The second lien is a recorded lien with a monthly payment that is underwritten into your debt-to-income ratio. Layered DPA affects your final rate and mortgage insurance; your Simply Approved Mortgages Loan Officer will disclose the side-by-side comparison before you commit. Program terms, income limits, funding availability and eligibility requirements are subject to change without notice and must be confirmed in writing. Nothing here is an offer of credit, an approval, or a guarantee of eligibility, funding or any particular term. All loans are subject to lender underwriting and approval. Equal Housing Opportunity.

Follow our down payment assistance updates on Google

Add Simply Approved Mortgages as a preferred source in Google Search and our program updates, county limit changes and funding-status notes are more likely to surface when you search. It is a Google setting you control and can remove at any time.

Google is a trademark of Google LLC. Simply Approved Mortgages LLC is not affiliated with, sponsored by or endorsed by Google, and this setting has no effect on loan eligibility, pricing or availability.

Add as a preferred sourceOr open Google's source preferences
Free weekly briefing

Down payment assistance changes fast. Stay ahead of it.

Published guidance for Florida and Colorado buyers in a weekly email when eligible articles are available.

Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado only. This educational briefing is not an offer or commitment to lend.

Expert Insight

Simply Approved Mortgages Team

Entity-level review

Documented guidance from a licensed mortgage broker

Simply Approved Mortgages LLC originates residential mortgages in Florida and Colorado, so the guidance on this page reflects how assistance programs behave in files we actually underwrite and close — not general industry commentary.

Takeaway:Have your scenario reviewed against your actual documents before deciding.

The only way to know which program, down-payment structure, and closing-cost strategy actually fits your file is to walk through it with a Simply Approved Mortgages Loan Officer who can compare the real numbers side-by-side on a Loan Estimate.

Reviewed by Simply Approved Mortgages LLC · NMLS #2620881Verify NMLS record

Simply Approved Mortgages LLC is a private mortgage brokerage. It is not a government agency and is not affiliated with, approved by, endorsed by, or acting on behalf of any government agency, the federal government, your current lender or your mortgage servicer. Program rules described here are published by the administering agency and are summarized for education only.

NMLS #2620881 | Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration | Equal Housing Opportunity