How do down payment assistance programs work?

 

We have multiple programs that can be combined with FHA loans (3.5%) or with Conventional loans (3%).

The programs we have are called Down Payment Assistance Programs (DPA) — they provide the money for the down payment, anywhere from 3%-5%.

 

We could also get the closing cost money from other sources:

  • Another DPA program.
  • The seller.

  • Lender assistance.

 

It all depends on the best option(s) that you qualify for.

Need more info? Contact us now!

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Who is considered a First Time Home Buyer?

Someone who has not owned and occupied their own home in the last three years.

We offer 6 programs

PLATINUM PROGRAM

– Non-repayable grant for a down payment and/or closing costs
– Grant sized up to 5% of the loan amount
– Program NOT limited to first-time homebuyers
– FICO score requirement from 640 and up
– Available with various mortgage loans
– Conventional min fico 680, FHA, VA

CHENOA FUND

– Provides borrowers with grants or second mortgages to cover the borrower’s 3-5% minimum contribution, with rates as low as 0%
– No income limitations
– NOT limited to first time home buyers
– Non-repayable grant for a down payment and/or closing cost
– Minimum FICO requirement is 620
– Only available for FHA loans

MYHOME ASSISTANCE PROGRAM

– 3.5% of the Sales Price or the Appraised value
– Interest Rate is 3.25% simple interest
– Deferred Payments
– The borrower MUST BE the first-time Homebuyer
– MyHOME MUST BE in 2nd lien Position
– Conventional min fico 680 and FHA 640

MIPA PROGRAM

– No limit on Purchase Price
– $60,000 in Assistance
– ONE Unit Only – Condo, Town Home or PUD. SFR
– Property can’t be Tenant Occupied
– Deferred, requiring no monthly payments
– Zero percent (0%) interest
– Shared Appreciations
– Buyer can Tributes a MIN of 1% on Funds
– MIN FICO 620

ZIP PROGRAM

– Zero Interest Program – ZIP
– 2% OR 3% loan amount options
– 0% Interest Rate
– Deferred Payments
– Available for Both First-Time and None-first-time Homebuyers
– Conventional min fico 680 and FHA 640

LIPA PROGRAM

– Max Purchase Price $522,500
– $90,000 in Assistance
– ONE Unit Only – Condo, Town Home or PUD. SFR
– Property can’t be Tenant Occupied
– Deferred, requiring no monthly payments
– Zero percent (0%) interest
– Shared Appreciations
– Buyer can Tributes a MIN of 1% on Funds
– MIN FICO 620