10/08/2026
Down payment help isnβt always free money, hereβs how to tell π
GRANT
Money toward your down payment or closing costs that usually does not have to be paid back.
Ask: Are there any conditions, like living in the home for a set time?
FORGIVABLE LOAN
A loan that goes away over time if you follow the rules, usually by living in the home for a set number of years.
Ask: What happens if I sell or refinance before itβs forgiven?
DEFERRED LOAN
No monthly payment now. The full amount comes due later, usually when you sell, refinance or pay off the mortgage.
Ask: When exactly is it due, and does the amount grow over time?
SECOND MORTGAGE
A second loan with its own monthly payment, on top of your first mortgage.
Ask: What is the payment, and what does it do to my total monthly cost?
The one question to ask before you accept any of them:
βDo I ever have to pay this back, and if so, when?β
Send me the name of the program you are looking at, and I will tell you in plain English which of these four it is.
β Summer Silva, your go-to mortgage broker in Arizona, Texas, and Washington