DPA Edge

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: 620
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)