DPA Edge DTI up to 57%

You do not need to be a first time home buyer to use this program

  • FHA product ONLY
  • 30 Year Fixed Mortgage Term
  • Zero dollar down payment required from buyer
  • No Income Limit
  • No First Time Home Buyer Requirement
  • Non Occupant Co Borrowers Allowed
  • Not Required to sell Current Home(FHA requirements still applicable)
  • MAX DTI upto 57% depending on FICO score
  • DPA structured as a 2nd lien that is either forgivable or repayable
    • 3.5% assistance (rounded to the next highest dollar- do not round down) of the lower of the purchase price or appraised value
      • Forgivable 2nd for income at or below 115% of AMI(search AMI by county)
        • 30-year term, forgiven after 36 consecutive timely payments on the FHA 1st mortgage
        • There are no payments on the 2nd mortgage
        • 0% interest rate
      • Fully amortizing 2nd for income above 115% of AMI with two options
        • 10-year repayment with 0% interest rate 
        • 30-year repayment with 5% interest rate
  • Minimum FICO: 660 for DTI’s over 50%
  • 1-2 units permitted(Duplexes Allowed)
  • Borrowers with credit scores between 620-639 required to take homeownership counseling:

Example Programs by Credit Score

(click program name for details)

580-850

FHA 100 Down

Good Neighbor Next Door

620-850

DPA Edge

640-850

Rate Advantage

HR 97

Standard 97

HFA Preferred Startup

HFA Preferred Stepup

HFA Advantage Startup

HFA Advantage Stepup

650-850

FHA Startup 650

FHA Stepup 650

660-850

Springboard FMHR

Springboard FM over95-97

Springboard FM under-95 LTV

FAHE FMHR

FAHE FM over95-97

FAHE FM under-95 LTV

DPA Edge DTI-over-50-percent

FHA Startup 660

FHA Stepup 660

 

680-850

HFA Preferred Risk Sharing

 

This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice
and may not be available in all states. All products are subject to credit & property approval. DownPayment.cool and DownPayment.mobi is not affiliated with any government agency.