Learn About DPA Advantage
Down Payment Assistance (DPA)

DPA Advantage provides a wide variety of eligible borrowers with a down payment assistance in the form of a grant equal to 2% or 3.5% of the purchase price on eligible FHA home purchases.

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Highlights

  • Down payment assistance is in the form of a grant, equal to either 2% or 3.5% of the purchase price
  • No repayment required
  • No need for a second lien on the property
  • Can be used with FHA 203(b) program or many FHA renovation programs
  • Seller concessions up to 6% can be applied to all borrower programs
  • Minimum qualifying credit score: 620
  • A simple one-step process with no need for you or the borrower to engage with a third party

Eligibility

(any one of the following)

  • Total borrowers' income is equal to or less than 140% of median area income (https://ami-lookup-tool.fanniemae.com/amilookuptool/)
  • First-time home buyers
  • Borrowers who are current, retired, volunteer, non-paid, or plan to become:
    • First responders (police officer, firefighter, public safety officer, paramedic, or emergency medical technician (EMT), including volunteers, or similar)
    • Educators
    • Medical personnel (nurse, doctor, phlebotomist, health ambassador, or hospital, American Red Cross worker, or similar)
    • Civil servant in a federal state, or local municipality
    • Military personnel, or
    • Eligible properties located in an undeserved census tract (https://www.afrcorp.com/zip-code-lookup/)
  • If none of the above apply: At a minimum, the income and credit must meet FHA total score card or manual underwriting requirement.

At Funding Resources LLC, we have qualified professionals that can guide you through the Down Payment Assistance process. Don’t let your finances hold you back from homeownership. Contact us today!