A DPA Loan is designed for those who need assistance with the down payment costs. Often times a borrower will qualify in all other aspects of a loan but will not have enough cash on hand for a down payment. Down payment assistance (DPA) helps homebuyers with grants or low-interest loans that reduce the amount they need to save for a down payment.
Typically each state has a variety of Down Payment Assistance Guidelines that can offer helpful benefits to those looking to purchase their first home.
Contact your licensed loan officer today to see what programs are available to you.