Buying A House Down Payment Assistance May 2026

: These are essentially gifts that never have to be repaid . Organizations like Bank of America offer specific grants that do not function as loans.

: These second mortgages do not require monthly payments. Instead, the full balance is due only when you sell, refinance, or pay off your primary mortgage. buying a house down payment assistance

Understanding these structures is critical, as they dictate your long-term financial obligations: : These are essentially gifts that never have to be repaid

: Often called "silent seconds," these are second mortgages with 0% interest . They are forgiven over time—typically 5 to 10 years—as long as you remain in the home as your primary residence. If you move or refinance early, you may have to repay a prorated portion. buying a house down payment assistance