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.
Philly Grant Program
Welcome to the Philly Down Payment Assistance (DPA) mortgage option, designed to help eligible clients purchase their dream home.
Forgivable Grants for up to 14K are currently available for qualified Philadelphia First-time homebuyers. All grants are only available on a first-come, first serve basis, as funds are available.
Prior to signing an Agreement of Sale, please complete the following steps:
- Get pre-approved, which includes a hard pull credit verification
- Complete your FREE Homebuyers Course. It is available online 24/7 and can be completed in a few hours.
- Complete your mandatory counseling with a designated counselor.
- Now you can go House Shopping!
The Philly Grant consists of 2 opportunities.
- The 1st grant option is a time-sensitive program is for any eligible homebuyer, and provides an exceptional opportunity to receive up to $10,000 (or 6% of the home’s purchase price, whichever is lower) in homebuyer assistance grants.
- The 2nd grant option is specifically for qualified Black/African-American prospects, an additional $3,000-$4,000 in assistance is available, for a combined total of up to $14,000, presenting an incredible opportunity to secure their dream homes.
The Philly Down Payment Assistance (DPA) grant program presents several eligibility criteria for prospective clients, including a minimum credit score of 580. The grant is forgivable, (only one is pending a fulfilled term of primary residency in the home). For fully engaged clients, the entire process takes approximately 5 weeks, from start to finish. Eligible buyers are also permitted to receive a seller credit of up to 6% of the purchase price, in addition to qualifiable gift funds.
To begin, complete your application today.