Down Payment Assistance: How It Works and How to Get It

There are many forms of down payment assistance in varying amounts.

Down payment assistance programs are loans and grants designed to help homebuyers afford a down payment. Some programs also help with closing costs. Dreamstime/TNS

By Meeghan Truelove From Bankrate.com

One-fifth of aspiring homeowners (20 percent) believe they’ll never be able to save enough for a down payment, according to Bankrate’s Down Payment Survey. You don’t have to rely solely on savings to buy a home, however. There are many forms of down payment assistance, in varying amounts, that could help you bridge the gap.