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Mortgage glossary
Down Payment Assistance (DPA)
A program that may help eligible buyers with part of the down payment or certain closing costs. Assistance may be a grant, a forgivable loan, a deferred loan, or another loan that must be repaid. Availability, funding, occupancy rules, income limits, and repayment terms vary.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.