Down Payment Assistance
Welcome to our Down Payment Assistance (DPA) mortgage option, designed to help eligible clients purchase their dream home. This option is perfect for those who are ready to take action towards achieving their goal of homeownership.
With DPA, you’ll receive the necessary down payment assistance for your home purchase, allowing you to qualify for the FHA-required 3.5% of the purchase price. The best part? The program is provided in-house by the lender, making the process simpler and easier for you.
One of the most significant benefits of this option is that it’s not just for first-time homebuyers, and there’s no income restriction. So, whether you’re a first-time buyer or someone who’s looking to upgrade to a new home, DPA can help you make that a reality.
The DPA option allows you to purchase a single-family home or up to a 4-unit home. And, with an interest rate structure, you’ll have up to 10 years to repay the DPA amount with no prepayment penalty.
To make the most of the program, we require our borrowers to attend a homebuyers counseling course from a HUD-certified agency. The $75 course fee is applicable to both the borrower and co-borrower and can be completed online for convenience. Additionally, clients can receive a Seller Credit up to 6% of the purchase price towards closing costs, and eligible clients can receive a financial gift.
Our program also offers several highlights, including per county loan limits, eligibility for first-time homebuyers, allowance for non-occupying co-borrowers. The homebuyer’s course must be completed and can be completed online. Here is the link to take the class: www.HomeBuyerClass.net.
At LISA HOME MORTGAGE™, we’re excited to work with you and your family towards achieving the goal of homeownership. Take the first step towards your dream today with our Down Payment Assistance option.