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Written by Homesite Buyers
If you’re interested in buying your first home, you may be eligible to receive down payment assistance (DPA). The Detroit DPA program aims to make homeownership more accessible for residents making a modest income. The DPA provides grants of up to $25,000 and other perks to qualifying individuals and families.
Homesite Mortgage, LLC is dedicated to helping you accomplish your goals. Our licensed professionals can provide more information about the Detroit DPA program, answer your questions and offer guidance throughout your homebuying journey. Discover if you qualify for the DPA program with a mortgage loan today.
Who Qualifies to Receive Down Payment Assistance?
The Detroit DPA program offers an affordable way to buy a house with flexible credit score requirements and limited closing costs. To qualify, borrowers must meet the following criteria:
Be a Detroit resident for the last 12 months, or show proof you lost a Detroit residence due to a property tax foreclosure between 2010 and 2016.
Meet the program’s defined income limits based on the number of family members you live with.
Complete a Housing and Urban Development (HUD) Homebuyer Education Course.
Get pre-qualified by a mortgage lender.
Have a signed purchase agreement.
The team at Homesite Mortgage, LLC can provide you with more information about the Detroit DPA program’s down payment grants and savings opportunities.
First-Time Homebuyer Program Types
If you’ve been a homeowner before, you may still be eligible to receive some first-time homebuyer loans or grants. A first-time homebuyer is referred to as someone who hasn’t owned a home within the last three years. Each program has specific requirements established by the provider.
Government-Backed Home Loans
Some government-backed loans include:
Federal Housing Administration (FHA) loans: FHA-backed loans are accessible with credit scores of 580 or higher. Eligible borrowers can take out the loan to buy a home for the first time with a 3.5% down payment.
Department of Veterans Affairs (VA) loans: VA-backed loans have flexible credit score requirements. Qualified military service members, veterans and surviving spouses can take out a loan without a down payment.
United States Department of Agriculture (USDA) loans: USDA-backed loans don’t require a down payment. Eligible borrowers can use the loan to buy a home in rural areas of the U.S.
Experts at Homesite Mortgage, LLC can discuss your eligibility for government-backed loans based on criteria such as your income, credit score, homeownership history and goals.
DPA Loans
Many lenders may provide assistance to cover the upfront costs of a down payment. Generally, these loans must be paid in full when you pay off your main mortgage, sell the property or move. We offer the Michigan State Development Housing Authority (MSDHA) program in Michigan. The DPA loan is a popular choice among homebuyers and can provide up to $10,000 in funds.
DPA Grants
Some borrowers may be eligible for local or state government grants, which help cover partial or full expenses for a down payment. The funds are considered a gift and don’t have to be repaid.
If you want to learn more check out their website https://homesitedirect.com/
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