Down Payment Assistance
Down payment Assistance (DPA)
The Down Payment Assistance (DPA) is a mortgage option providing the down payment assistance for eligible clients purchasing a home. This mortgage option is helping families qualify for homeownership as qualified applicants receive the FHA required 3.5% of the purchase price for their down payment.
Who is providing the money?
The DPA program is an in-house program from the Lender, simplifying the process.
Is this only for first-time homebuyers?
No. This option is for anyone who qualifies for the loan option. The borrower does not have to be a first-time homebuyer.
Is there an income restriction?
No. There is no income restriction with this option.
What type of home can I buy with the DPA?
The DPA is applicable to single family homes up to 4-unit homes.
Do I have to pay the DPA back?
Yes. The DPA is structured with an interest rate, and repayment is made monthly with up to 10 years for repayment. There is no pre-payment penalty.
Do I have to take a class?
Yes, a homebuyers counseling course from a HUD certified agency is required. The course is $75 and will be applicable to both the borrower and co-borrower. The course can be conveniently completed online. Here is the link to take the class: www.HomeBuyerClass.net.
Can I receive additional financial assistance with the DPA Grant?
Yes! In conjunction with the DPA, clients are allowed to receive a Seller Credit up to 6% of the purchase price toward closing cost, and clients can receive an eligible financial Gift. If you are receiving a Gift, please speak with the loan officer prior to accepting any funds.
Additional Program Highlights:
- Loan amounts are per county limits
- First-time homebuyers are eligible
- Non-Occupying Co-Borrowers are allowed
- DACA Borrowers are eligible
We are excited to work with your family
Many families struggle to purchase a home because they may not have enough funds to cover both the down payment and the closing cost. The DPA option is helping qualified clients to experience the joy of homeownership.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.
