Transforming Down Payment Assistance

Guidance and Best Practices for Program Administration

In consultation with an advisory group of city and county officials, lenders, Realtors® and housing nonprofits, the Minnesota Homeownership Center is proud to unveil a slate of down payment assistance (DPA) program administration best practices.

These best practices will increase consumer access and enable more successful purchase transactions by promoting standardization and transparency.

Best Practices and Consumer Forms Informational Webinars Why Transform?

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Why Is DPA Program Transformation Needed?

  • The barrier of insufficient savings for down payment and closing costs is formidable. Assistance is often technically available, but programs are typically fragmented, underfunded and inefficiently targeted.
  • Current levels of funding do not support increased access to homeownership in a meaningful way.
  • Our proposal would increase investment, improve targeting, ease access and facilitate standardization and transparency.
  • It is anticipated that these practices will help reduce the state’s racial homeownership gap – one of the worst such gaps in the country.

Best Practices and Consumer Forms

Our proposed slate of DPA Program Administration Best Practices addresses topics such as:

  • Fund Reservation for Buyers
  • Eligibility Requirements
  • Minimum Amounts of Assistance
  • Homebuyer Education Requirements
  • Repayment Requirements
  • Allowing Subordination

We’ve also created forms for use with consumers, designed to ensure that those using DPA understand how this tool impacts them as homeowners.

VIEW THE BEST PRACTICES     Consumer Forms

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Informational Webinars

We’re hosting a series of webinars designed to educate DPA program administrators on specific topics addressed in our Best Practices slate. You can register for upcoming webinars, and view recordings of those that have already taken place. We hope these presentations will inspire you to consider adopting the best practices into your own work.

VIEW THE WEBINARS