How do you want to get started?
Quick application
With Millennial Home Loans quick online loan application, determining if you qualify for a DPA Advantage Program Loan and for how much, has never been easier.
Talk to a DPA Advantage Program Mortgage Expert
Not ready to apply online? No problem. Answer a few questions, and a DPA Advantage Program Home Loan Mortgage Expert will call you back.
Up to 2% of the Purchase Price Toward Your Down Payment
The DPA Advantage Program Grant Provides Eligible Borrowers a 2% Down Payment Assist
DPA Advantage Program Guidelines
Borrower Eligibility – Must meet one of the following three categories outlined below
- First-time Home Buyer
- Purchasing the subject property
- Will reside in the subject property as their principal residence
- Has no ownership interest in any residential property, for a period three years prior to the date of application.
- The exception will be for an individual who is a homemaker or single parent with no ownership interest in a principal residence, other than a jointly owned property with a former spouse, during the three-year period prior to the date of the application
- Borrower(s) Income
- The borrower, or borrowers if multiple applicants on the loan application, income must be equal or less than 140% of the state or county median income regardless of family size
- To determine the median income use the following web tool to determine median income https://homeready-eligibility.fanniemae.com/homeready/
- Borrower(s) income must be less than the median income * 1.4
- If overtime income is not used to qualify the borrower, then the overtime income doesn’t not count towards the 140%
- The income that the underwriter will use to qualify the borrower is what will be compared to the 140%
- The borrower, or borrowers if multiple applicants on the loan application, income must be equal or less than 140% of the state or county median income regardless of family size
- Current or Retired Employment or Volunteer/Non-Paid Member
- Any borrower on the loan application is a current, retired, or volunteer, which includes:
- First responder (includes police officer, firefighter, public safety officer, paramedic, EMT)
- Educator (includes Sunday school teacher, tutor, day care provider)
- Medical personnel (includes nurse, doctor, phlebotomists, health ambassador, Red Cross worker)
- Civil Servant in Federal, State, or Local Municipality
- Military Personnel
- Any borrower on the loan application is a current, retired, or volunteer, which includes:
- Borrower(s) must complete an 8 hour, first-time Homebuyer education course from a HUD approved Housing Counseling Agency. Click Here for a list of HUD approved counseling agencies
- Online counseling is acceptable. Click Here for an example of one national counseling agency
- Only one borrower must take the first-time Homebuyer education course
- If the borrower has already completed another approved course that will be acceptable provided the course expiration is after the closing on the loan
Down Payment Requirements from Homebuyer
- When factoring in the DPA Advantage grant the borrower is responsible for a down payment equal to 1.50% of the purchase price (FHA 3.50% down payment, minus DPA Advantage Programs 2.00 Grant)
- The borrowers 1.50% down payment responsibility can come from flexible sources such as a family member gift or a loan against a 401k retirement account
Eligible Properties
- Existing homes
- New Construction
- Includes: single-family one-unit residence, townhomes, detached, condominiums, and modular homes
Interest Rate
- The interest rate on the DPA Advantage Program is significantly higher than a standard FHA Loan
Loan Type:
- FHA 203 (b)
- FHA 203 (k) Standard
- FHA 203 (k) Limited
- FHA Repair Escrow
Maximum Purchase Price
- The maximum purchase price is the lower of FHA maximum County loan limit or the conforming loan limit, which is currently $766,550
- Click Here to determine the maximum base loan amount for a FHA Loan, based on the County in which the property is located
Maximum Debt-To-Income (DTI)
- Maximum DTI limit is 48.99
Minimum Credit Score
- FHA: 580
Multiple Property Ownership
- Not permitted
Occupancy Type
- Primary residence only
- Non-occupant co-signers allowed, so long as the primary borrower meets one of the three requirements for the DPA Advantage Program
Repayment Requirements and Affordability Period
- None. Completely forgivable grant
