What is Down Payment Assistance?

Down Payment Assistance Now Up to $15,000

Unlocking Homeownership: Exploring Down Payment Assistance Programs

Are you dreaming of owning your own home but struggling with the financial hurdles of a down payment? In this blog post, we’ll delve into the valuable insights shared by Amy Bonis from GoPrime Mortgage in the recent video featured above. She sheds light on the excellent down payment assistance programs that can turn your homeownership dreams into reality.

The Down Payment Dilemma:

Amy emphasizes that one of the significant obstacles to homeownership is the challenge of having enough cash to close the deal. While many people are aware of the need for a small down payment and closing costs, they often underestimate the additional expenses involved. Beyond the initial costs, prospective homeowners must consider their first month’s mortgage payments, property taxes, fire insurance, and more.

Down Payment Assistance Programs:

To address this common hurdle, down payment assistance programs have been introduced, providing potential homeowners with the financial support they need. Amy explains that these programs are designed to bridge the gap between the desire to own a home and the financial constraints many face.

Zero Down Payment Options:

For those who qualify, there are even programs offering zero down payment options. Veterans and those purchasing homes in USDA-designated outlying areas can take advantage of these opportunities. Amy stresses the importance of understanding the eligibility criteria and exploring these options, especially if you fall into these categories.

First-Time Buyer Incentives:

Amy introduces a mortgage credit program specifically tailored for first-time buyers, offering up to $2,000 a year. This credit assists in making monthly mortgage payments more manageable, providing valuable financial relief to those taking their first steps into homeownership.

Top Three Down Payment Assistance Programs:

Amy highlights three exceptional down payment assistance programs that stand out for their seller-friendly nature:

1. Genoa FHA: This program uniquely allows individuals to purchase existing manufactured homes using down payment assistance, opening up new possibilities for prospective buyers.

2. North Carolina Housing Program: Amy’s personal favorite, this program offers a substantial $15,000 assistance that covers down payments, closing costs, and the first month’s mortgage payment. This generous incentive is a rare find in the industry.

3. Universal Primary Residence Program: Remarkably, this program is not limited to first-time buyers and allows individuals to qualify even if they already own a house, as long as it serves as their primary residence. The absence of a maximum sales price makes it an attractive option for various homebuyers.

Key Requirements and Considerations:

Amy advises potential buyers to meet certain criteria, such as a minimum credit score of 640 for first-time buyer programs. Some programs may require tax returns and have income limits, but she assures that the hurdles are manageable. It’s crucial to work with a preferred lender who specializes in these programs, as not all lenders are equally experienced or willing to undertake the additional effort.


If the prospect of homeownership has seemed out of reach due to financial constraints, exploring down payment assistance programs could be the key to unlocking your dream. Amy Bonis and GoPrime Mortgage stand ready to guide you through these programs, offering their expertise and assistance to make homeownership a reality. Don’t hesitate to reach out with questions or inquiries – your dream home may be closer than you think!

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