If it’s your dream to become a homeowner, but you don’t have the funds needed for a down payment on a home purchase, you may be able to benefit from ACB Mortgage Solutions’ Down Payment Assistance (DPA) Advantage Program.
This grant program is designed to help Americans purchase a home with an FHA loan and save significantly on their down payment. With the DPA Advantage program, homebuyers can potentially putas little as 1.5% down.
What are the benefits of the DPA Advantage Program?
The numerous perks of the DPA Advantage Program include:
- The program offers grants for either 2% or 3.5% of a property’s purchase price with Lender Paid and Borrower Paid Compensation.
- With seller assistance, the grant may be combined with borrower paid closing costs up to 6%.
- The DPA Advantage Program can be used together with any FHA loan program, including the standard FHA, the FHA 203(b) program, the FHA One-Time Close Construction-to-Permanent program (excluding 3.5% grant), or any of our FHA renovation programs.
- There are no restrictions on resale or repayment.
- There is no second lien placed on the property and no need to interact with any third parties.
Who qualifies for the DPA Advantage Program?
The DPA Advantage Program is designed to aid first-time homebuyers and those who provide valuable services to their community. You may be eligible for the program if you meet one or more of the following criteria:
- You’re buying a home for the first time in the past three years.
- You currently serve, previously served, or plan to serve in one of the following positions, either as a paid employee, trainee, or as a volunteer:
- First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician, etc.)
- Medical personnel (nurse, doctor, phlebotomist, health ambassador, hospital worker, American Red Cross worker, etc.)
- Civil servant
- Military personnel
- You make less than or equal to 140% of the county’s median income in which the property is located.
- The property is located in an Underserved Census Tract.
Additionally, to qualify for the DPA Advantage Program, you must also have a credit score of 620 or higher and be approved for an FHA home loan. However, the DPA Advantage Program is not available in the states of Washington, Alaska, or Hawaii.
Is the DPA Advantage Program right for you?
While the DPA Advantage Program can make it easier for many homebuyers to become homeowners, it is not necessarily the best option for everyone. The DPA Advantage Program does come with interest rates and monthly mortgage payments, so borrowers who can afford down payments of more than 3.5% without the program’s assistance would save money in the long run. Borrowers who choose to enroll in the program are advised to refinance their loans if/when they can to bring their interest rates down.
How can I get started?
If you wish to sign up for the DPA Advantage Program or would like more information, consider registering for our webinar on June 17. If you have any additional questions about the program, contact ACB Mortgage Solutions today.