DPA, or Down Payment Assistance, helps homebuyers with upfront costs and offers significant benefits. These loans offer notable advantages that can greatly benefit individuals in their homebuying journey.
A DPA loan eases home purchase by assisting with the down payment, making homeownership more accessible and affordable for many.
DPA loans offer a more budget-friendly alternative for borrowers facing challenges in saving for a down payment, as they eliminate the need for monthly payments.
DPA loans, which neither accrue interest nor impose prepayment penalties, can significantly reduce the overall cost for borrowers and provide the flexibility to pay off the loan early without incurring extra fees.
DPA loans are widely available through various government programs, non-profit organizations, and other lending institutions.
Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Guaranteed Rate for current rates. Restrictions apply.
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This is not a commitment to lend. Consumers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria.
Your actual rate, payment and costs could be higher. Guaranteed Rate cannot predict where rates will be in the future. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
If you’re looking to buy a new home, but not sure you can afford the down payment and closing costs, a DPA Loan could be right for you. To get started, you’ll just need to follow a few simple steps:
First you'll need to provide information about your income, employment history, and credit score to your mortgage advisor. You'll also need to provide documentation showing that you meet the eligibility requirements for the DPA program you're applying for.
Once you've completed the application and provided all the necessary documentation, your lender will review your application and determine whether you qualify for a DPA loan.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
No! With FHA loans, you could get approved for options as little as 3.5% down, VA and USDA loans can offer you $0-down options, and with Private Mortgage Insurance (PMI) you can get into your new home with less than a 20% down payment. Whatever your situation, talk to your mortgage lender to discuss options.
Schedule Now!A fixed rate mortgage means that the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down after a certain amount of time. Many adjustable rate mortgages will start at a lower interest rate than fixed rate mortgages.
Schedule Now!Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay if you are taking out a conventional mortgage with a downpayment that is less than 20% of the home's overall value. If you refinance your home with a conventional loan and your equity is less than 20% of the home's value, you may also be required to pay PMI. Private Mortgage Insurance protects the lender in the event that you stop making payments on your loan.
Schedule Now!Yes! Your mortgage lender can work with a certified specialist to help you find the right refinance and reverse mortgage options to help you access your home equity before you've finished paying off your loan. This can help with covering the cost of remodels, college tuition, long-term care plans, and more! Talk to your mortgage lender to find out how you can access your home equity to cover any of your life's needs.*
Schedule Now!Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.