Down Payment Assistance

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.

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:

Phone:

Email:

Notes/Comments:

Tell a Friend About Us!