Down Payment Assistance
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- Down Payment Assistance
Down Payment Assistance
Down payment assistance (DPA) programs provide financial help—in the form of grants or second mortgages — to cover all of a homebuyer’s down payment and sometimes closing costs (when the purchase agreement is structured properly).
Reasons to choose a down payment assistance loan
DPA loans help meet minimum down payment requirements faster allowing you to purchase a home, rather than delaying to save.
30-year FHA DPA mortgage guidelines
To qualify for a 30-year FHA DPA mortgage, you will need:
Purchase price limits are $541,287 for single-family homes in most of the country, but are up to $1,249,125 in high costs areas (ex. NYC, Long Island, DC, Alaska & Hawaii)
Apply for a FHA DPA mortgage
This DPA program is available nationwide, except NY and DE.
The second lien is forgivable if there is no 90 day or greater delinquency on the first 60 payments of the underlying
first lien and property remains a primary residence. The loan canot be re-subordinated
