Available to Idaho home buyers April 1, 2014.
The long awaited 5% Down Payment Assistance (DPA) option is a 2nd Mortgage that requires a modest 620 credit score.
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- DPA up to 5% of the Sales Price
- DPA can be used for Closing Costs
- Minimum 620 Middle Credit Score
- Manufactured Housing is OK!
- Income Limits Apply if Using DPA – Otherwise 3.5% down (Can be Gifted)
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- True 100% Loan
- DPA up to 5% of the Sales Price
- DPA can be used for Closing Costs
- Minimum 620 Middle Credit Score if Using DPA – Otherwise 580
- Income Limits Apply if Using DPA – Otherwise None
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- True 100% Loan
- DPA Up to 5% of the Sales Price
- DPA can be used for Closing Costs
- Minimum 620 Middle Credit Score
- Income Limits Apply if Using DPA
- Additional USDA Income Limits may Apply
-
- DPA Up to 5% of the Sales Price
- DPA can be used for Closing Costs
- Minimum 620 Middle Credit Score
- Income Limits Apply
Getting a new mortgage with no money down is great and we do that for our clients all the time. However, even though “no money down” sounds like it’s always a great deal, in some unique cases its not. For example, if you’re paying a high interest rate with high monthly payments, but you are planning on living in your home for 5 years or more it could make sense to put something down, if you have the ability to do so, and pay a lower interest rate. It all depends on your unique situation. When you have a strategic mortgage consultation with us, we’ll show you the numbers that apply to your own individual circumstance so you can make the best decision possible.
