We believe that homeownership should be accessible to everyone, and you don't need a large down payment to qualify! As a small independent mortgage lender, we take pride in treating our customers as people, not just numbers. We understand the challenges of homeownership in today's challenging housing market, and our various Down Payment Assistance (DPA) loan options are designed to help eligible homebuyers reduce upfront costs and take that important first step towards building equity and wealth for the future. While qualifications may vary for each program, don't worry - we're here to listen to your specific situation and help find the best option that fits your needs. Contact us today to learn more and experience the personalized service of a small independent mortgage lender that cares about your homeownership journey! Let's discuss your eligibility and find a solution that works for you. Contact us today to learn more.
- National No Income Limit Down Payment Assistance (3.5% or up to 6%) - Home Down Payment Program
- FHA Zero Down Payment
- Florida Hometown Heroes Loan Program (up to $25,000)
- National Homebuyers Down Payment Assistance: Grant (2% or 3.5%)
- National Homebuyers Fund Down Payment Assistance: (3.5% USDA or FHA option)
- National Chenoa Fund Down Payment Assistance: DPA Edge (3.5% or 5%)
- National Chenoa Fund Down Payment Assistance: DPA Repayable (3.5% or 5%)
- Madison County HOMEBuyer Grant Program
National No Income Limits Homebuyers Down Payment Assistance Program
New for April 2023, our exclusive national down payment assistance home loan program combines a USDA or FHA-insured 30-year fixed rate first mortgage with either a second loan that is fully forgivable after 5 years OR a 10-year repayable second loan. Funds can be used towards a down payment, closing costs, and/or temporary interest rate buydowns. Open to all eligible borrowers, in other words this program is not restricted to first-time homebuyers or a specific occupaction.
NO INCOME LIMITS - NATIONWIDE PROGRAM
FORGIVABLE
- 3.5% Down Payment Assistance
- Forgivable 5-year second loan with 0% interest and NO monthly payments
- 1st Mortgage: 30-year fixed FHA or USD
- 2-1 Rate Buydown Available
- Minimum credit score: 620
- Gift Funds Allowed
- Single-Family Home, Condos, PUDs, Manufactured Homes
- DPA funds meet FHA’s minimum required investment guidelines
- NO INCOME LIMITS
REPAYABLE
- Up to 6% Down Payment Assistance
- 10-year second loan with 30-year amortization
- 1st Mortgage: 30-year fixed FHA
- 2-1 Rate Buydown Available
- Minimum credit score: 660
- Gift Funds Allowed
- Single-Family Home, Condos, PUDs, Manufactured Homes
- DPA funds meet FHA’s minimum required investment guidelines
- NO INCOME LIMITS
National Homebuyers Down Payment Assistance Grant
This program is designed to provide down payment assistance in the form of a grant equal to either 2% or 3.5% of the purchase price to a wide variety of eligible borrowers. NO INCOME LIMITS for first-time home buyers, first-responders, educators, medical personnel, civil servant or military personnel. This program can be used with the FHA 203(b) program, many of our FHA renovation programs, and our FHA One-Time Close program.
PROGRAM HIGHLIGHTS
- DPA Advantage has two grant options available: a 3.5% grant and a 2% grant
- The 3.5% grant offers a true “no money down solution” with up to an additional 3% toward closing costs
- If you do not need the “no money down” solution, you can opt for a lower interest rate
- No repayment required
- No need for a second lien on the property
- May be combined with up to 6% seller concession for closing costs
- Minimum qualifying credit score: 620
- Can be used with the FHA 203(b) program or any of our FHA renovation programs, as well as the FHA One-Time Close program (the 3.5% grant is not currently available for the FHA OTC program)
- Program has expanded to include eligible properties located in an underserved census tract.
Download the National Down Payment Assistance Program Brochure
National Homebuyers Downpayment Assistance Program
PROGRAM HIGHLIGHTS
- FHA or USDA Options
- 3.5% DPA amount
- 55% DTI limit
- 620 minimum credit score
- 30 year fixed term
- Down Payment second mortgage has no payment due, due and payable upon sale, refinance or payoff of first mortgage
- Down Payment proceeds may be used for down payment and/or closing costs
- Up to 160% of Area Median Income (AMI) - AMI Lookup Tool
Download National Homebuyers DPA Fund Brochure
National Chenoa Fund Down Payment Assistance Programs
DPA Edge: Forgivable
PROGRAM HIGHLIGHTS
- 600 minimum credit score
- 3.5% or 5% down payment option with 1.5% towards closings costs
- Manufactured Home Allowed
- Non-Occupant Co-borrower Allowed
With this program, the borrower receives a 30-year term, 0% interest rate (0% APR), no monthly payment for a second mortgage. The borrower will need to have a minimum credit score of 600 and a qualifying income equal to or less than 115% of the median income for the county in which the borrower will live. The loan will need to be repaid upon transfer of ownership or refinance if it is not already forgiven. The loan is forgivable under conditions dependent on the down payment assistance amount:
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3.5% Down Payment: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if the borrower makes a late payment, but the borrower has the full 30-year term to meet the forgiveness conditions. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met.
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5% Down Payment: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if the borrower has a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate (0% APR), and no monthly payment. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met, even if the borrower made payments on the first mortgage that were 60+ days late.
Rate Advantage Program
PROGRAM HIGHLIGHTS
- 3.5% or 5% down payment option with 1.5% towards closing costs
- 640 minimum credit score
- 50% DTI
With this program the FHA first mortgage is locked at a market-comparable rate. The borrower will need to meet a minimum credit score of 640, have a debt-to-income ratio of 50% or less, and have a qualifying household income less than or equal to 135% of the median income for the county in which the borrower will live. The Rate Advantage product offers both 3.5% down payment assistance and 5% down payment assistance options.
DPA Edge: Repayable
PROGRAM HIGHLIGHTS
- 3.5% or 5% down payment option with 1.5% towards closing costs
- 600 minimum credit score
With this program there are no AMI limits. There are two loan term options for a Repayable Second. The borrower may choose a 10-year loan at a 0% interest rate (0% APR) or a 30-year loan at a 5% interest rate (5.009% APR). The borrower will need to meet the minimum credit score of 600. This product offers both 3.5% down payment assistance and 5% down payment assistance options. With this program there are no AMI limits. There are two loan term options for a Repayable Second. The borrower may choose a 10-year loan at a 0% interest rate (0% APR) or a 30-year loan at a 5% interest rate (5.009% APR). The borrower will need to meet the minimum credit score of 600. This product offers both 3.5% down payment assistance and 5% down payment assistance options.