Learn About Down Payment Assistance (DPA)
At MORTGAGEinc, we are committed to providing you with all the information you need to understand Down Payment Assistance (DPA) for homebuyers. Navigating the home-buying process can be challenging, but we're here to support you every step of the way. If you're a first-time homebuyer or looking to purchase your next home, we may have a DPA program that suits your needs.

What is Down Payment Assistance?
Down Payment Assistance (DPA) is a program designed to help homebuyers finance the down payment and closing costs of their home purchase. DPA can come in the form of grants, forgivable loans, or low-interest loans. The goal of these programs is to help homebuyers overcome the financial barriers that often prevent them from owning a home, providing essential support to achieve their dream of homeownership.
Who is eligible for Down Payment Assistance?
Eligibility for DPA programs varies, but generally, individuals and families who meet the following conditions are eligible:
- First-Time Homebuyers: Those who haven't owned a home in the past three years.
- Credit Score: Must meet the minimum credit score requirement.
- Income and Purchase Price Limits: Must fall within specified limits.
- Homeownership Education: Completion of homeownership education courses.
Eligibility criteria can differ depending on the DPA program and location. Contact MORTGAGEinc to determine your eligibility.
What are the benefits of Down Payment Assistance?
- Reduced Down Payment: DPA can significantly lower the amount needed for your down payment, making homeownership more accessible.
- Flexible Payment Options: DPA offers flexible payment options that suit your income, helping you manage your budget more effectively.
- Credit Improvement: Consistent, on-time payments can positively impact your credit score.
DPA programs may have higher interest rates, resulting in higher monthly payments. There is no such thing as a free lunch. Some DPA loans are grants that do not need to be repaid, while others are bonds requiring repayment when refinancing or selling the home.
Ready to Learn More?
For more information or to start your application, contact MORTGAGEinc today, info@mortgage-inc.com!