This is the final installment in a series of articles that debunks common down payment assistance myths. Read the first and second articles here.

Myths are hard to combat. They can be ingrained over a number of years and deeply held. Sometimes it's only out of necessity and changing times that the truth is embraced.

Consider that the August REALTORS® Confidence Index Survey (released Sept. 23) weakened slightly due to concerns about the prospect of further increases in interest rates and the continued difficulties in accessing mortgage financing. We believe it's time to look at how down payment assistance can play a part in helping more buyers gain the mortgage financing they need.

Drum roll please...we debunk our final three surprisingly common myths about down payment assistance.

8. Down payment assistance dollars are never forgiven

In any given market, there are a variety of programs, including some that defer payments or interest and others that offer a grant or forgivable loan.

First, it's important to understand how programs work. Nearly every down payment assistance program creates a lien on the financed property, just like the first mortgage. Homebuyer programs take a subordinate second or even third lien position. But not all programs – typically grants – have to be repaid, and those that do will back-load that obligation, waive interest, defer payments, and provide a unique upfront buying power and opportunity for homebuyers.