Down Payment Assistance | Buying A House

Understanding these structures is critical, as they dictate your long-term financial obligations:

: 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

: These are essentially gifts that never have to be repaid . Organizations like Bank of America offer specific grants that do not function as loans. Understanding these structures is critical, as they dictate