There are several important advantages of the MSHDA Down Payment Assistance (DPA) for Conventional mortgages over what has been traditionally offered with MSHDA down payment assistance. Including:
- No upfront mortgage insurance & potentially lower monthly mortgage insurance than FHA (based on credit score).
- Faster Appraisals - FHA appraisals typically take longer than a conventional appraisal.
- Mortgage insurance may be terminated at some point in the future. FHA monthly mortgage insurance will remain for the life of the loan.
- Borrowers may qualify with their income based student loan payments (IBR) instead of the 1% of the loan balance as required by FHA guidelines.
The Mortgage 1 Team makes the pre-qualification and pre-approval process very simple for borrowers exploring the idea of using the MSHDA Down Payment Assistance (DPA) for Conventional mortgages. For a pre-qualification click here. For an immediate approval using our Mortgage in a SNAP click here.
Mortgage 1, Inc. is the state's largest MSHDA lender. We have closed more MSHDA Down Payment Assistance (DPA) loans than any other institution. Let us show you how the MSHDA Down Payment Assistance (DPA) can help you attain home ownership today.