What is it?
Thinking about buying a home, but having trouble saving for the down payment? You are not alone! Coming up with enough cash to put down on a home is often the biggest roadblock for many hopeful buyers.
The good news is there are many great down payment assistance (DPA) options to help you on your journey towards homeownership. DPAs can come in many forms, from grants to second or third mortgages. The amount of the DPA will vary and can often be used towards both your down payment and closing costs.
With the Down Payment Assistance Program, qualified borrowers can receive a 3.5% grant that does not have to be repaid. That means that your down payment may be completely covered!
- It works like a standard FHA loan, so it has less stringent qualifications and credit requirements compared to Conventional financing.
- Receive a 3.5% down payment assistance grant that you can use for your down payment or closing costs.
- Flexible qualifying criteria.
- Up to 96.5% loan-to-value (LTV) financing available.
- No home sales price restrictions.
- Available in all states.
And while many DPAs were designed for first-time homebuyers, the definition of a first-time homebuyer in the mortgage world just means that you haven’t owned a home in three years.
So, if you’ve been renting but have owned a home in the past, you may qualify as a first-timer again!
Get pre-qualified now and we’ll review your current financial situation and credit score to help you find the best option for you.