down payment assistance: What you should know about Down Payment Assistance
- 07/26/16 05:04 AM
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
Loan Officers tend to pre-qualify a person without taking into account the guideline requirements of DPA programs. Make sure … (2 comments)
down payment assistance: Freddie Mac vs FHA
- 01/25/16 03:54 AM
Freddie Mac (FHLMC) offers programs for conventional financing. Federal Housing Authority (FHA) offers programs for government financing. Freddie Mac Home Possible Advantage vs FHA Home Possible Offers - 97% LTV Allows for non-occupying co-borrowers Does not require minimum reserves Allows down payment from sources other than from applicant Income cannot be greater than 100% of median income in higher income areas No cap on percentage of median income if property located in underserved areas At closing, the buyer cannot own other property Mortgage insurance is around $123 on $100,000 loan (payment varies via … (1 comments)
down payment assistance: FHLB - Down Payment Assistance
- 01/12/16 05:57 AM
What: FHLB Down payment assistance may soon be coming to your area. Currently Where: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia FHLBATL.com Who Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median income is not available until 03/2016: https://www.huduser.gov/portal/datasets/il/il2014/select_Geography.odn Programs: Multiple First home buyer Program (First time home buyer means not on title in last 3 years) requires minimum $1000 investment. Grant matches $4000 for every $1000. Maximum of $5000 with $1250 investment for first time home buyer program for down payment and closing costs. Community Program for 1st time and non-first time buyers who work: … (0 comments)
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
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