Having a tough time getting the amount necessary for a home down payment? Understand that you are not alone in dealing with this obstacle. It is a common struggle for many looking to buy a home for their first time. For this reason, there are programs in place to help. There are a number of different grants and programs available. These programs are umbrellaed underneath the term “Down Payment Assistance Programs”.
DPA Loan
So, what is a DPA loan? When buying a home, oftentimes there is a requirement to make a down payment for that home. This down payment is a percentage of the overall cost of the home to pay up front. With a DPA loan, first-time homeowners are given a loan in order to pay for this down payment. There are a number of different DPA loans available, each with different requirements and qualifications. Some common down payment assistance loans are FHA, USDA, and VA loans.Can You Get Down Payment Assistance with a VA Loan?
VA loans are home loans reserved for veterans and those who are currently serving in the armed forces. They are a great option for those who are eligible for them. VA loans have no down payment requirement, meaning that there is no need for down payment assistance. Additionally, they have lower interest rates in comparison to other loan alternatives and have more lax credit requirements. Curious which DPA loan is best for you? With so many different programs, it can be hard to digest and know which is the right option. Find out more about your local area and which loan you qualify for through the help of one of our loan officers.Latest Articles
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