FHA DPA Program Up To 100% CLTV

Date:

Share post:


The FHA DPA (Down Payment Assistance) program offers up to 100% CLTV for purchase transactions only on primary 1-2 unit properties. A minimum FICO score of 600 is required, and borrower-paid compensation is the only option. The DPA second can only be used in conjunction with our first lien.

2 Options for DPA second

Repayable Option

  • The 10-year fully amortizing option has a rate that is 2.0% higher than the first mortgage lien.
  • The payment is included in the DTI.

Forgivable Option

  • No payment is required, and there is no interest rate.
  • The borrower must remain in the subject property for 10 years from the Note Date.
  • Refinancing, selling, foreclosing, transferring the property, etc., will trigger repayment of the balance.

Other guidelines to keep in mind

  • Manual underwriting is not permitted
  • Single-wide manufactured homes are ineligible
  • Leasehold land is allowed
  • ITIN borrowers are not allowed
  • Non-permanent resident borrowers are not allowed
  • Unpaid federal debt on a payment plan has a maximum DTI of 45%

We do our best to make sure that our borrowers have options for purchasing a home with no money down. Contact our office and we’ll connect you to a loan specialist who knows how to qualify borrowers for a zero down payment mortgage.

https://www.highcpmgate.com/f0c2i8ki?key=d7778888e3d5721fde608bfdb62fd997

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Freedom at 40 or Fortune at 65? Escaping the Middle-Class Trap and the Trade-Off Between Early Retirement and Maximum Wealth

<div id="page" x-data="sidebarAds(24%7C&utm_source=Bigger%20Pockets&utm_term=Bigger%20Pockets","linkTitle":"Schedule a Call Today","id":"65d4be7b89ca4","impressionCount":"644779","dailyImpressionCount":"432","impressionLimit":"878328","dailyImpressionLimit":"2780","r720x90":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/08/REI-Nation-X-BP-Blog-Ad-720x90-1.png","r300x250":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/08/REI-Nation-X-BP-Blog-Ad-300x250-1.png","r300x600":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/08/REI-Nation-X-BP-Blog-Ad-300x600-1.png","r320x50":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/08/REI-Nation-X-BP-Blog-Ad-320x50-1.png","r720x90Alt":"","r300x250Alt":"","r300x600Alt":"","r320x50Alt":""},{"sponsor":"Center Street Lending","description":"","imageURL":null,"imageAlt":null,"title":"","body":"","linkURL":"https://centerstreetlending.com/bp/","linkTitle":"","id":"664ce210d4154","impressionCount":"369979","dailyImpressionCount":"403","impressionLimit":"600000","dailyImpressionLimit":"2655","r720x90":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/CSL_Blog-Ad_720x90-1.png","r300x250":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/CSL_Blog-Ad_300x250-2.png","r300x600":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/CSL_Blog-Ad_300x600-2.png","r320x50":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/CSL_Blog-Ad_320x50.png","r720x90Alt":"","r300x250Alt":"","r300x600Alt":"","r320x50Alt":""},{"sponsor":"BiggerPockets Financial Services Finder","description":"","imageURL":null,"imageAlt":null,"title":"","body":"","linkURL":"https://www.biggerpockets.com/business/finder/tax-and-financial-services","linkTitle":"Find a Financial Planner","id":"664e3267b2cc1","impressionCount":"58892","dailyImpressionCount":"106","impressionLimit":"1000000000","dailyImpressionLimit":"10000000","r720x90":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/FinServ-Blog-720x90-1.png","r300x250":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/FinServ-Blog-300x250-1-e1716400562184.png","r300x600":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/FinServ-Blog-300x600-1.png","r320x50":"https://www.biggerpockets.com/blog/wp-content/uploads/2024/05/FinServ-Blog-320x50-1-e1716400684636.png","r720x90Alt":"BiggerPockets financial planner finder","r300x250Alt":"BiggerPockets...

[Targeted] AmEx Offer: HBO Max, Spend $99.99 & Receive $25 Statement Credit

Update 2/14/25: Deal is back and valid through 5/15/25 (ht MateoHardini) Update 3/11/24: Deal is back and valid...

JAIIB & CAIIB Salary Benefits: The Smartest Way to Boost Your Bank Salary

If you’re a banker looking to increase your salary without waiting years for a promotion, JAIIB &...

JPMorgan’s migration to AWS cloud jumps 10X in 2 years

JPMorgan is migrating its operations to the cloud in with an eye on growth, penetrating new geographies...