Down Payment Assistance (DPA) loans can help qualified homebuyers with the upfront costs of purchasing a home. These programs aim to ease the financial burden by offering grants, forgivable loans, or low-interest loans to cover part or all of the down payment and sometimes closing costs. Eligibility often depends on factors like income, property location, and loan type.

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Key Features:

• Reduced Upfront Costs: Allows you to potentially achieve homeownership without the full down payment amount saved.

• Variety of Programs: Assistance can come through grants, second mortgages, or special financing tailored to specific borrower needs.

• Flexibility: Depending on the program, funds may be forgivable over time or repayable upon sale, refinancing, or after a set period.

 

Important Considerations:

• Eligibility Requirements: Each DPA program has its own criteria. You may need to meet income limits, be a first-time homebuyer, or buy a home in a certain location.

• Program Changes: Availability, funding, and terms can change without notice.

• Legal Disclosures: All offers must comply with federal, state, and local regulations, including the Real Estate Settlement Procedures Act (RESPA).

 

Next Steps:

Before applying, review all terms and conditions and consult with a qualified, licensed mortgage professional such as LaTonia Knox. For more information and personalized guidance on DPA loan options, click Contact Us.

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Disclaimer: This is not a commitment to lend. All loan products, terms, and conditions are subject to underwriting approval and availability.