Down Payment & Homebuyer Assistance Programs

Quick Facts

Assistance may be available for down payments and closing costs.

A participating lender can determine which programs you may qualify for.

Eligibility varies by income, location, and loan program.

Some programs are grants, while others are loans.

Many first-time buyers qualify without realizing it.

In This Guide

This guide is designed for:

✔ First-time home buyers

✔ Buyers with limited savings

✔ Buyers looking for financial assistance

✔ Anyone purchasing a home in Georgia or South Carolina

Who This Guide Is For

• Why Homebuyer Assistance Programs Exist

• National Programs

• Georgia Programs

• South Carolina Programs

• Choosing the Right Program

Introduction

One of the biggest challenges for first-time homebuyers is coming up with the money needed to purchase a home. Fortunately, there are programs designed to help.

Some programs provide assistance with the down payment or closing costs. Others offer affordable mortgage financing or special benefits for veterans, teachers, healthcare workers, first responders, and other qualifying buyers.

While not everyone will qualify for every program, many buyers are surprised to learn they qualify for assistance they didn't know existed.

1. Why Homebuyer Assistance Programs Exist?

The goal of these programs is simple: help more families become homeowners.

Many are sponsored by federal, state, or nonprofit organizations and are designed to reduce one of the biggest barriers to homeownership—the upfront cash needed to buy a home.

Some programs focus on lower-income households, while others serve veterans, public service professionals, or buyers purchasing in specific communities.

2. National Homebuyer Programs

NACA Homebuyer Program

The Neighborhood Assistance Corporation of America (NACA) offers one of the most unique homeownership programs in the country.

Best For

Buyers with stable income who are willing to complete NACA's counseling and qualification process.

Potential Benefits

• No down payment

• No private mortgage insurance (PMI)

• No lender fees

• No closing costs

• Competitive below-market interest rates through participating lenders

Things to Know

NACA has a more detailed qualification process than many traditional loans. Buyers must complete homebuyer education, counseling, budgeting requirements, and work with an approved NACA office before purchasing a home.

Federal Home Loan Bank (FHLBank) Homebuyer Programs

Many community banks and credit unions participate in Federal Home Loan Bank grant programs that provide assistance to eligible homebuyers.

Best For

Buyers working with participating local lenders.

Potential Benefits

• Down payment assistance

• Closing cost assistance

• Grant funding when available

Things to Know

Funding is limited and offered through participating lenders, so availability may vary throughout the year.

HUD-Approved Homebuyer Counseling

HUD sponsors certified housing counseling agencies that educate buyers about budgeting, credit, mortgages, and the home-buying process.

Best For

Anyone buying their first home.

Potential Benefits

• Free or low-cost education

• Financial counseling

• Referrals to local assistance programs

3. Georgia Homebuyer Programs

Georgia offers several outstanding statewide programs through the Georgia Department of Community Affairs.

Georgia Dream

Best For

Eligible first-time homebuyers.

Potential Benefits

• Affordable mortgage financing

• Down payment assistance

• Closing cost assistance

• Special assistance options for educators, healthcare professionals, active military, public protectors, and households with a family member living with a disability.

Peach Plus

Best For

FHA and VA borrowers who exceed the traditional Georgia Dream income or purchase-price limits.

Potential Benefits

• Expanded eligibility

• Down payment assistance options

• Available to first-time and repeat buyers who qualify.

Peach Advantage

Best For

Conventional loan borrowers with higher income limits.

Potential Benefits

• Expanded income eligibility

• Conventional financing

• Down payment assistance ranging from 2% to 5% of the first mortgage amount for qualified buyers.

Peach Select VA

Best For

Eligible veterans and active-duty military using VA financing.

Potential Benefits

• Competitive fixed-rate VA financing

• No first-time homebuyer requirement

Things to Know

Unlike some other Georgia Dream products, Peach Select VA does not include down payment assistance.

4. South Carolina Homebuyer Programs

South Carolina Housing offers several excellent programs for eligible homebuyers.

SC Housing Homebuyer Program

Best For

First-time buyers meeting program guidelines.

Potential Benefits

• Affordable fixed-rate mortgage

• Down payment assistance

• Available through participating lenders.

Palmetto Home Advantage

Best For

Qualified first-time and repeat buyers.

Potential Benefits

• Competitive mortgage financing

• Down payment assistance

• Flexible eligibility compared to some traditional programs.

Palmetto Heroes

Best For

Eligible public service professionals, including teachers, nurses, law enforcement officers, firefighters, EMS personnel, veterans, active-duty military, and National Guard members.

Potential Benefits

• Forgivable down payment assistance (when funded)

• Competitive mortgage financing

Things to Know

This program is offered during designated funding periods and may not be available year-round.

5. Choosing the Right Program

Every buyer's situation is different.

The best program for you depends on factors such as:

• Your income

• Credit profile

• Military status

• Occupation

• Location of the home

• Loan type

• Cash available for closing

Because many programs have different rules and can sometimes be combined, it's worth speaking with a lender who regularly works with these programs to determine which options fit your situation best.

The Arich Tip

Many buyers assume they won't qualify for assistance and never ask.

One conversation with a knowledgeable lender could uncover programs that significantly reduce your upfront costs. Even if you don't qualify for one program, you may qualify for another.

Common Mistake

Many buyers spend years trying to save a large down payment before talking with a lender.

Instead, meet with a lender early. You may discover programs that allow you to purchase sooner than you

Frequently asked questions

Do I have to be a first-time homebuyer?

Not always. Some programs are limited to first-time buyers, while others are available to repeat buyers who meet the eligibility requirements.

Can I use these programs with FHA, VA, USDA, or Conventional loans?

Many assistance programs work alongside these loan types, but the combination depends on the specific program and your qualifications.

Are these programs grants?

Some are grants, some provide forgivable assistance, and others offer deferred or low-interest loans. Each program has its own rules.

How do I apply?

Most programs require you to apply through a participating lender who will determine your eligibility and guide you through the process.

Related Guides

First-Time Home Buyer's Guide

Mortgage Programs in Georgia & South Carolina

Mortgage Pre-Approval Guide

Understanding Closing Costs

Ready to Take the Next Step?

Download this guide to keep as a reference while exploring your home financing options.

Ready to Explore Your Options?

Every homebuyer's journey is unique, and the right assistance program can make a meaningful difference.

The Arich Team works with experienced local lenders who understand these programs and can help determine which options may be available based on your individual goals and qualifications.

Serving Georgia & South Carolina | English • Español • Português

About the Authors

The Arich Team is a veteran-led real estate team serving buyers, sellers, and investors throughout Georgia and South Carolina. With over nine years of experience and service in English, Español, and Português, our mission is to educate families so they can make confident real estate decisions.

Contact Us

📧 TheArichTeam@Arich.us

📞 Ari: (808) 594-7918

📞 Richard: (386) 333-4795

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