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Up to 2% of the Purchase Price Toward Your Down Payment

The DPA Advantage Program Grant Provides Eligible Borrowers a 2% Down Payment Assist

DPA Advantage Program

With Millennial Home Loans quick online loan application, determining if you qualify for a DPA Advantage Program Loan and for how much, has never been easier.

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DPA Advantage Program Guidelines

Borrower Eligibility - Must meet one of the following three categories outlined below

  • First-time Home Buyer
    • Purchasing the subject property
    • Will reside in the subject property as their principal residence
    • Has no ownership interest in any residential property, for a period three years prior to the date of application.
      • The exception will be for an individual who is a homemaker or single parent with no ownership interest in a principal residence, other than a jointly owned property with a former spouse, during the three-year period prior to the date of the application
  • Borrower(s) Income
    • The borrower, or borrowers if multiple applicants on the loan application, income must be equal or less than 140% of the state or county median income regardless of family size
      • To determine the median income use the following web tool to determine median income https://homeready-eligibility.fanniemae.com/homeready/
      • Borrower(s) income must be less than the median income * 1.4
      • If overtime income is not used to qualify the borrower, then the overtime income doesn’t not count towards the 140%
      • The income that the underwriter will use to qualify the borrower is what will be compared to the 140%
  • Current or Retired Employment or Volunteer/Non-Paid Member
    • Any borrower on the loan application is a current, retired, or volunteer, which includes:
      • First responder (includes police officer, firefighter, public safety officer, paramedic, EMT)
      • Educator (includes Sunday school teacher, tutor, day care provider)
      • Medical personnel (includes nurse, doctor, phlebotomists, health ambassador, Red Cross worker)
      • Civil Servant in Federal, State, or Local Municipality
      • Military Personnel
  • Borrower(s) must complete an 8 hour, first-time Homebuyer education course from a HUD approved Housing Counseling Agency. Click Here for a list of HUD approved counseling agencies
    • Online counseling is acceptable. Click Here for an example of one national counseling agency
    • Only one borrower must take the first-time Homebuyer education course
    • If the borrower has already completed another approved course that will be acceptable provided the course expiration is after the closing on the loan

Down Payment Requirements from Homebuyer

  • When factoring in the DPA Advantage grant the borrower is responsible for a down payment equal to 1.50% of the purchase price (FHA 3.50% down payment, minus DPA Advantage Programs 2.00 Grant)
  • The borrowers 1.50% down payment responsibility can come from flexible sources such as a family member gift or a loan against a 401k retirement account

Eligible Properties

  • Existing homes
  • New Construction
  • Includes: single-family one-unit residence, townhomes, detached, condominiums, and modular homes

Interest Rate

  • The interest rate on the DPA Advantage Program is significantly higher than a standard FHA Loan

Loan Type:

  • FHA 203 (b)
  • FHA 203 (k) Standard
  • FHA 203 (k) Limited
  • FHA Repair Escrow

Maximum Purchase Price

  • The maximum purchase price is the lower of FHA maximum County loan limit or the conforming loan limit, which is currently $484,350
  • Click Here to determine the maximum base loan amount for a FHA Loan, based on the County in which the property is located

Maximum Debt-To-Income (DTI)

  • Maximum DTI limit is 48.99

Minimum Credit Score

  • FHA: 580

Multiple Property Ownership

  • Not permitted

Occupancy Type

  • Primary residence only
  • Non-occupant co-signers allowed, so long as the primary borrower meets one of the three requirements for the DPA Advantage Program

Repayment Requirements and Affordability Period

  • None. Completely forgivable grant