DOWN PAYMENT ASSISTANCE
Funds for Down Payment and/or Closing Costs
We can help you access Down Payment Assistance (DPA) funds for your down payment and/or closing costs. Most DPA programs are provided by local city, county, state or federal housing authorities.
Qualifying for Down Payment Assistance
-
Meet the eligibility requirements for income and credit history. These may vary depending on the type of loan solution.
-
Authorized loan solutions include Conventional, FHA, VA and USDA loans.
-
Available for both first-time and seasoned homebuyers.
Down Payment Assistance Conventional, FHA and VA Loans
-
-
Fixed Rate loans
-
100% Combined Loan-to-Value (CLTV) with select DPA programs
-
Loan-to-Value (LTV) and DPA percentages vary by state and/or county
-
State-specific DPA allowed on VA and USDA loans
-
Specialty three- and five-year forgivable DPA program options for teachers and Heros (including firefighters, police officers, etc.)
Types of Down Payment Assistance Programs
The amount you can receive depends on the DPA program. Some DPA providers offer a percentage, typically 5% of the total loan amount, while others cap assistance at a specific dollar amount.
Your MSM Loan Partner will help you investigate Down Payment Assistance options for your home loan.
