Is it worth getting a down payment assistance program?

Some of these loans have certain restrictions, one of them being income limits. There are also specific restrictions based on the property's location; most of these loans are for first-time buyers who have never before owned a property, and they only grant loans to individuals who will live in the property as their primary residence.

Most of these loans cannot be used to purchase an investment property, a second home, or if the property will be used in a business operation. Another restriction the loan may have is that you must live there for a specified period of time without being able to rent it out.

That's why it's crucial for you to analyze your lifestyle and what you envision for the future. Discuss this thoroughly with your lender to determine if it suits your needs or not.