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
- Forgivable 2nd for income at or below 115% of AMI(search AMI by county)
- 3.5% assistance (rounded to the next highest dollar- do not round down) of the lower of the purchase price or appraised value
- 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:
- Any HUD approved course is acceptable
- Hope Loan Port: https://www.borrowersuccess.org/prepurchase
- Borrowers with FICO 640+ not required to take counseling
Example Programs by Credit Score
(click program name for details)
580-850
620-850
640-850
650-850
660-850
680-850