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DPA Loan

What are DPA loans?

A Down Payment Assistance (DPA) loan helps cover a portion of the down payment on a home, making homeownership easier for the borrower. DPA loans are often provided by government agencies, non-profits, or private lenders with favorable terms and can lower the amount needed for a down payment.

Why choose a DPA loan?

  • Provides financial assistance to help cover the cost of a down payment, making homeownership more accessible.
  • Offers more favorable terms compared to other types of loans.
  • Often provided by government agencies, non-profit organizations, or private lenders.
  • Helps lower the amount of money a borrower needs to save up for a down payment.
  • Can make it easier to become a homeowner sooner.
  • Can be a valuable option for those with limited funds for a down payment.
  • Can increase the affordability of a home by lowering the out-of-pocket expenses for the borrower.
  • Can reduce the burden of debt and make homeownership more manageable for the borrower.
  • Can be done with FHA and Conventional Financing.

How DPA loans work

  • May come in the form of a grant, loan, or a combination of both.
  • The amount of assistance offered can vary depending on the lender and the specific program.
  • The DPA loan may have its own terms and conditions, such as interest rates and repayment requirements.
  • May require the borrower to attend homebuyer education classes or meet certain income requirements.
  • The DPA loan must be repaid if the property is sold or refinanced within a specified time frame.
  • The DPA loan may have a first or second mortgage lien position.
  • The use of the DPA loan may impact the amount of the borrower’s monthly mortgage payment.

 

Interested in a DPA Loan?

Contact us! One of our mortgage specialists would be happy to answer all your questions and get you started with a great low rate today!

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It’s simple to get started on your mortgage journey – whether you’re just looking to get pre-qualified or are ready to submit an application. Just click the button below or submit a contact form to speak with one of our mortgage experts.

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At Cornerstone First Mortgage, LLC. we are dedicated to delivering high-quality customer service and offer an extensive range of home loan programs with competitive rates to deliver a solution that best fits the need of each client.

For Licensing Information go to:
www.nmlsconsumeraccess.org

NMLS ID #173855

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© 2024 Cornerstone First Mortgage, LLC. All Rights Reserved. NMLS ID #173855 Equal Opportunity Lender.

© 2023 Cornerstone First Mortgage, All Rights Reserved. NMLS ID #173855 Equal Opportunity Lender.