A down payment assistance program (DPA) is a type of financial assistance offered to homebuyers to help you cover the upfront costs associated with purchasing a home. The down payment is a percentage of the home's purchase price that buyers are typically required to pay in cash. Many potential homebuyers may find it challenging to accumulate the necessary funds for a down payment, which is where DPA programs come into play.
Down payment assistance programs aim to make homeownership more accessible to a broader range of individuals and families,
Highlights of the DPA include
- Credit Scores Starting at 600
- Primary Residence Only
- Secondary Financing to Assist on an FHA Purchase
- Primary Residence Only
- Loans to 5% of Sale Price or Appraised Value (Lesser of)
- Loan To Value( LTV)* to 96.5%
- Debt To Income (DTI) to 45%
- 10 Yr. Fixed Term on Payable 2nd Mortgage
- 30 Yr. Fixed, 0% Interest Rate on Forgivable 2nd Mortgage-
- For 5% Forgiveness-must stay in the loan first loan for 5 years-all payments all on time
- For 3.5% Forgiveness-must stay in the loan for 3 years-all payments made on time
- Single Family Residence (SFR), 1 to 2 Units, Planned Unit Development (PUD), Townhome, Condo, Double-Wide Manufactured Home
Please reach out to our team of mortgage advisors with over 30 years of experience to learn more about how we can help you with our Down Payment Assistance programs or any of our other exciting range of diverse mortgage products. We are confident that our flexible solutions can help you achieve your home buying or investment dreams. We look forward to working with you and assisting you in finding the perfect mortgage option.
Offices in CA, AZ,and Coming Soon NV
Park Place Financial Group www.parkplacefg.com info@parkplacefg.com CA: 619.990.7552 AZ: 602.920.8142 NMLS #: 1267181 NMLS #: 113396 DRE #:01410823 CA Insurance:0G43152 |
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