What are my down payment assistance program options? 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. 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.