Derek Huit · NMLS #203980 · Cardinal Financial
Down payment assistance, explained plainly
Cardinal Financial's national down payment assistance program offers 3.5% or 5% toward your home purchase as a repayable second lien — a second loan on your home that you pay back. No income limit.
Licensed in: AK · FL · GA · IL · IN · MI · MT · OK · TX · WA
What "repayable second lien" means
This is the most important thing on this page: the assistance is a loan, not a grant or a gift. You receive funds toward your purchase, and a second lien is recorded against the property securing repayment. You pay it back under the terms set at origination — alongside your first mortgage.
3.5% assistance
Funds equal to 3.5% of your purchase price, provided as a repayable second lien recorded against the home.
5% assistance
Funds equal to 5% of your purchase price, provided as a repayable second lien recorded against the home.
No income limit
The program is national and has no income cap — eligibility is determined through standard credit approval and underwriting, not your salary.
How repayment works, conceptually
Two liens, one home
Your purchase is financed with a first mortgage, plus a second lien for the assistance amount. Both are secured by the property.
Repaid over time
The second lien carries its own repayment terms, disclosed in full before you close. You pay it back — it is not forgiven.
Sale or refinance
If you sell or refinance, the second lien is settled from the transaction like any other lien on the property.
Exact repayment terms, interest treatment, and program availability are determined at origination and disclosed in your loan documents. All loans subject to credit approval, underwriting, and appraisal. This page quotes no rates or payments.
Common questions
Is this free money?
No. The assistance is a repayable second lien — a loan you pay back under disclosed terms. It is not a grant, gift, or forgiven funds.
Is there an income limit?
No. The program has no income limit. Approval is based on standard credit and underwriting criteria.
Can I combine this with a low-down-payment loan?
That's the most common use case — pairing the assistance with programs like FHA's 3.5% minimum down payment. Talk with Derek about your specific scenario.
Is this available outside Alaska?
The program is national. Derek is licensed in Alaska, Florida, Georgia, Illinois, Indiana, Michigan, Montana, Oklahoma, Texas, and Washington.
See if down payment assistance fits your plan
Derek Huit, NMLS #203980 — licensed in Alaska and nine other states.
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