The Down Payment Assistance Grant is designed to increase homeownership opportunities for low-to-moderate income individuals and families.
What is the Down Payment Assistance Grant?
The Down Payment Assistance Grant offers eligible home buyers up to 4.5% of the loan amount towards their down payment and/or closing cost. A Down Payment Assistance Grant is NOT limited to first-time homebuyers. FHA, VA and USDA mortgage loan options are available nationwide.
Benefits of the Down Payment Assistance Grant
The Down Payment Assistance Program decreases the homebuyers’ costs thereby avoids burdening the homebuyer with additional debt. In addition, the grant creates positive home equity for the homebuyer and has a positive impact on the housing economy. This DPA Grant never has to be repaid.
How to Qualify for the Down Payment Assistance Grant
To qualify for a Down Payment Assistance Grant a borrower must occupy the residence as their primary residence and meet the following requirements:
*Income limit is 115% of Area Median Income
*FICO Score of 620 or greater
*Debt to Income not to exceed 50%
(Compensating factors such as verified/documented cash reserves equal to or exceeding 3 total monthly mortgage payments, minimal increase in housing payment and residual income may apply)
Documents Needed for the Down Payment Assistance Grant
Homebuyers will need to provide the following documents to determine eligibility for the Down Payment Assistance Grant:
*W2 and tax returns for the past two years
*Paystubs for the past two months
*Bank Statements for the past two months
*Copy of current Driver’s License
(Documentation for additional income or debt will be required. In addition, housing payment history may need to be documented.)
Kara Davis is a Trusted Mortgage Lender
Kara Davis from Crew Lending is happy to help her clients with all of their lending needs in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. Those looking to purchase a home and need the Down Payment Assistance Grant, Kara Davis can help! Click here Click here or call 337-842-0115 with any questions you have on the Down Payment Assistance Grant or how to get qualified!