: Some programs provide assistance as a standard second mortgage with a low interest rate. Unlike the other options, these require monthly payments alongside your primary mortgage. Key Benefits Mortgage Down Payment Center | Bank of America
: These are essentially gifts that never have to be repaid . Organizations like Bank of America offer specific grants that do not function as loans.
: 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.
: These second mortgages do not require monthly payments. Instead, the full balance is due only when you sell, refinance, or pay off your primary mortgage.
A key feature of is the variety of repayment structures, which range from "free money" to secondary loans that only come due when you sell your home. These programs are designed to help buyers—often first-time homeowners or those with low-to-moderate incomes—bridge the gap between their savings and the upfront costs of a purchase. Common Repayment Structures
Understanding these structures is critical, as they dictate your long-term financial obligations:
