Downpayment Assistance Program (DAP)

The Downpayment Assistance Program (DAP) provides homeownership opportunities to eligible buyers who are unable to provide their own downpayments. Applicants may also be eligible to borrow funds to pay their closing costs. A DAP loan can only be used in conjunction with a CHFA first mortgage.

The DAP loan is secured by a second mortgage on the home.  The DAP interest rate* is the same as the regular program rate for the Homebuyer Mortgage
Program, Homeownership Program, Teachers Mortgage Assistance Program, Police Homeownership Program, Military Homeownership Program and the Home of Your Own Program. (Click here for the Current Interest Rates.)

DAP loans are available at an interest rate of 1% (APR approximately 1.1%) to some income-eligible borrowers under the Homeownership Program (for residents of public and subsidized housing).

* Please note the DAP rate is subject to change.

Eligible Borrowers
First time homebuyers, or persons who have not had an ownership interest in a principal residence for the past three years, are eligible. A prior homeowner who is purchasing in a federally targeted area or under a qualified rehabilitation mortgage may also be eligible. In all cases, the borrower's household income may not exceed the CHFA income limits for the town in which the property is located. To be eligible for a DAP loan, the homebuyer must have applied for a CHFA first mortgage.

Eligible Properties
DAP loans are available statewide. Sales price limits and types of homes financed are the same as for the Homebuyer Mortgage Program.

Additional Considerations