Down payment assistance programs aim to make housing more affordable and can be used to address the upfront costs of homeownership. Forgivable loans : Also known as second mortgage down-payment assistance programs, these are low-interest or no-interest down payment loans that may be forgivable. : Also known as second mortgage down-payment assistance programs, these are low-interest or no-interest down payment loans that may be forgivable. Low-down payment loans: Outside of down payment assistance, there are a variety of low down payment mortgage options available with flexible credit requirements. Each down payment assistance program requires its own application forms and process.