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Down Payment Assistance

 

Let's face it, higher gas and food prices, a tough economy, and a tight job market make it hard for middle class people to save money for a down payment.


Down Payment Assistance (DPA) has helped millions of people nationwide buy a home.  Unfortunately, as part of the government's new housing bill passed in August, DPA as we know it has been abolished.


Update:  Down payment assistance currently unavailable!


Luckily, there is a new bill in congress that will reinstate DPA programs.  Housing Bill HR 6694 will bring back DPA, but qualification will be based on the borrower's credit score.  Our understanding of this bill is that DPA will break down as follows:


Borrower Credit Score

DPA Guidelines

>679 fico

DPA will be attainable under current parameters

620-679 fico

DPA will be available, but higher mortgage insurance premiums will be charged

<620 fico

DPA available only on manual approval basis

Quick Quote

 

Name:  

Type of Loan:  

Credit History:  

Estimated Credit Score: 

Home Value:  

Loan Amount:  

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Notes/Comments:  

 

 

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