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GRANT PROGRAMS/DPA PROGRAMS
A Grant Program/Down Payment Assistant (DPA) Program is a program designed
to get a borrower with little or no money of their own into a home. The
DPA program will grant up to 3% toward your down payment. However, the
dollar amount granted by the DPA Program will be added to your sales price.
For instance, if you were buying a home for $100,000 requiring a down
payment of $3,000 (3%), you would add the $3,000 on top of the $100,000
sales price, now making the total sales price $103,000 (this $3,000 is
given to the DPA Program which in turn pays your down payment). This program
has to be agreed upon by both the buyer and the seller and also has to
follow a FHA Loan Program. When using a DPA Program you as the buyer also
have the option to have the seller (if they agree) pay your closing costs.
If this is something you are interested in, please contact your Real Estate
Agent or Loan Officer for more details.
Example
Based on a Net Sales Price of $130,000
| FHA Mortgage
using a DPA Program 30 Year Loan |
|||
|---|---|---|---|
| Home 1 | Home 2 | ||
| Net Sales Price | $ 130,000 | ||
| Down Payment (3%) | $ 3,900.00 | ||
| New Sales including down payment | $ 133,900 | ||
| UFMIP (1.5%) | $ 1948.25 | ||
Total Loan Amount (Base Loan Amount + UFMIP) |
$ 131,831 | ||
Principle and Interest (P&I) at 5.875% interest rate |
$ 779.83 | ||
Monthly Mortgage Insurance |
$ 54.12 | ||
Tax Estimate |
$ 65.00 | ||
Insurance Estimate |
$ 28.00 | ||
Total Monthly Payment (P&I, M.I. Tax & Ins.) |
$ 926.95 | ||
*There are many options on interest rates (i.e fixed,
arm, buy down, etc.). Please see additional options or contact your
loan officer.
*Closing Costs will also apply. Please contact your loan officer for
an explanation and estimate.
*Grant servicing fees will apply.
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