Down payment assistance (DPA) programs are initiatives designed to help homebuyers overcome the financial barrier of making a substantial down payment when purchasing a home. A down payment is typically a percentage of the home’s purchase price that buyers must pay upfront to secure a mortgage. DPA programs aim to make homeownership more accessible, for first-time homebuyers. There are always multiple different programs available. Contact us to get detailed information regarding which program is best for you. Here are some key features and considerations regarding down payment assistance programs:
- Contract Duration: Typically 25 to 30 days from offer acceptance to closing, offering a relatively quick turnaround.
- Credit Score Requirements: Minimum 640, best for 700 and above.
- Eligibility Requirements: First time home buyers only.
- Compensation: Borrower paid compensation.