Down Payment Assistance (DPA)

Things to know about the DPA program...

• 100% Financing Down Payment Assistance for FHA loans
• DPA is a 2nd loan that does have an interest rate. The 2nd loan is paid back over 10 years (can be paid off sooner).
• Some clients choose to make payments on the loan to bring the balance down.
• DTI can be as high as 55% for FHA, depending on credit score.
• Minimum middle credit score is 620. A score of 660 - 680 would allow for better pricing.
• Additional lender credits may be available.
• Up to 6% seller contributions allowed for FHA.
• No income limits for FHA.
• Gifts are allowed.
• Non-occupant and co-signers allowed.
• 1st Time Home Buyer status not always required.
• Borrower contribution towards cash to close not required.
• Generally, requires 2 years of work or business history.
• W2-only program available for salary and hourly borrowers.
• Tax returns needed for self-employed borrowers.