Down Payment Assistance program (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 for 10 years. Can be paid off sooner
- Some clients chose to make payments one 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-signer allowed
- 1st Time Home Buyer not always required
- Borrower Contribution towards cash to close not required
- Generally, 2 years of work or business history
- W2 only program available for salary and hourly borrower
- Tax returns needed for self employed
The above statements and guidelines are subject to change; and conditions must be approved by the lender. This is just a simplistic guide for the DPA program.
*I specialize in DPA funding for those who can qualify, but need help
with cash to close. I am here to make the home buying dream possible!
Willie Green
Phone: 813-326-7889
Email: willie@greenbridgemtg.com