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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.
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DPA Advantage Program offers the following benefits:
- Down payment grant of 2% of the purchase price of the home
- May be combined with up to 6% seller closing cost assist
- Can be used with any FHA Loan type, including the standard FHA and FHA 203k loan
- No resale or borrower repayment restrictions. This is a true grant program without a second lien being placed on the property
DPA Advantage Program Borrower Eligibility Requirement
- First-Time Homebuyers or a homebuyer that hasn’t owned a house within the last three years
- Homebuyers whose income is less than 140% of the County, in which the property is located, median income
- Current or Retired Employment/Volunteer or Non-Paid Staff Member of an Organization
- Must be approved for a FHA Loan with a minimum DU Approve/Eligible or LP Accept finding (no manual underwriting permitted)
DPA Advantage Program Vs. a traditional FHA Loan
- The primary beneficiary of the DPA Advantage Program is to allow a borrower to close on a FHA Loan with as little as 1.50% of the purchase price. This assumes that the borrower nets the 2% down payment assistance against the FHA minimum 3.50% down requirements AND receives seller paid closing cost credit to offset their closing costs
- The challenge with the DPA Advantage Program Vs. a traditional FHA Loan, is the interest rate and monthly mortgage payment of the DPA Advantage Program will be significantly higher than a traditional FHA Loan
- If the borrower(s) have the necessary 3.50% down payment or can either obtain a family member gift or a loan against a 401k retirement account to be used as the down payment, the borrower should use those funds instead of participating in the DPA Advantage Program
- If the borrower decides to take advantage of the DPA Advantage Program, the borrower should consider refinancing their loan into a lower interest rate as soon as they are eligible to do so. Keep in mind though, should interest rates move up or the borrowers credit profile change the borrower may not be able to lower their loan interest rate and monthly payment in the future through refinancing
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