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Down Payment Assistance

Down Payment Assistance

Program Highlights

■ A simple one-step process: the application process is
streamlined for the borrower, using the 1003 they have already completed!

■ DPA is a grant equal to 2% of purchase price

■ May be combined with up to 6% seller concession for closing costs

■ No resale or borrower repayment restrictions

■ Minimum qualifying credit score: 580

■ Can be used with the FHA 203(b) program or any of our FHA renovation programs, as well as the One-Time Close program

ELIGIBLE BORROWERS (Any one of the following):
■ Total borrower’s income is equal to or less than 140% of median area income
■ First-time home buyers
■ Any borrower on the loan application who is a current, retired, volunteer, or non-paid:
– First-responder: police officer, firefighter, public safety officer, paramedic, or emergency medical technician (EMT), including volunteers or similar
– Educator
– Medical personnel: nurse, doctor, phlebotomist, or health ambassador, or hospital, American Red Cross worker, or similar
– Civil servant in a federal, state, or local municipality
– Military personnel
The $100 Down Program was developed to help turn foreclosed HUD REO homes into owner-occupied residences. The program covers one-to-two-unit residential properties, and waives the usual 3.5% down payment requirement. Borrowers are only required to make a $100 minimum down payment.
Program Highlights
■ 580 minimum qualifying credit score
■ Transactions may be processed as an FHA 203(b), FHA 203(b) Repair Escrow, or FHA 203(k)
■ Minimum down payment of $100
Eligible Property Types
■ 1- to 2-unit principal residences including:
– FHA-approved condominium projects
– PUDs
– Manufactured housing

Eligible Terms
■ 10-, 15-, 20-, 25-, 30-year fully amortizing fixed
■ 5/1 Hybrid ARM