DOWN PAYMENT ASSISTANCE
Down Payment Assistance Programs Help You Access Funds for Your Home Loan
Available for First-Time and Seasoned Homebuyers with Low-to-Moderate Incomes
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
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Meet the eligibility requirements for income and credit history*.
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Utilize a Down Payment Assistance program that is acceptable to your lender.
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Choose a loan solution that is authorized by the Down Payment Assistance program.
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The property must be owner-occupied by a first-time homebuyer or family who has not owned or had an ownership interest in any principal residence during the last three years.
* Requirements can vary based upon the type of loan solution
Down Payment Assistance for Conventional Loans
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Up to 5% Down Payment Assistance from Fannie Mae (Fannie Mae HFA Preferred™) or Freddie Mac (Freddie Mac HFA Advantage®)
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105% Combined Loan-to-Value (CLTV) with select DPA programs
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State-specific DPA and non-Bond programs with various percentage options depending on the rate
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Zero percent interest with forgivable Down Payment Assistance on select programs
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DPA income and purchase price limits apply
Down Payment Assistance for FHA, VA and USDA Loans
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DPA allowed on FHA, VA and USDA home loans (State-specific options)
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For 30-year, fixed-rate home loans
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100% Combined Loan-to-Value (CLTV) with VA or USDA loan solutions
Types of Down Payment Assistance Programs
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The amount you can receive depends on the DPA program.
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Some cap assistance at a certain dollar amount.
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Many regional programs offer bonds and grants, including forgivable options.
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There are multiple levels of assistance.
Your MSM Loan Partner will help you investigate Down Payment Assistance program options for your loan.
* Requirements may vary depending on the type of loan solution.
Disclaimer:
Down Payment Assistance must be repaid when the loan reaches maturity, the home is sold or refinanced or upon transfer of ownership or primary residence.
