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With a Down Payment Assistance Loan, you pay nothing up front for your loan.
Looking to learn more? Talk to an Essex Mortgage Professional.
WHAT IS DOWN PAYMENT ASSISTANCE?
A down payment assistance (DPA) loan is the type of product that provides the homebuyer 100% financing and requires 0% down payment (although closing costs are still required). This is achieved through a 1st and 2nd mortgage. Essex’s DPA program can be used to obtain an FHA loan. The amount of the 2nd mortgage is up to 3.5% equal to the lessor of the sales price, or the appraised value. The term for the 2nd is 10 years.
Our DPA program has many advantages over other loans, which makes them an excellent choice for first-time homebuyers and homebuyers with less than perfect credit.
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WHY GET AN ESSEX DPA LOAN*?
DPA Loans can benefit borrowers in the following ways:
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ZERO down payment
- Low mortgage insurance adjustments
- No income limitations
- Lower FICO scores acceptable
- Competitive interest rate on 2nd
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*Not available in state of Washington