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New Down Payment Assistance Program


 

New Down Payment Assistance Program

LendSmart announced its new down payment assistance program that will provide a grant for first time homebuyers, teachers, military members and first responders.

 

It’s called The Advantage Program, and will grant up to 2% of the purchase price and up to allow up to 6% of seller concessions for closing costs. This is a grant so there is NO repayment.

The program is a completely forgivable grant, and there are no resale or borrower repayment restrictions.

 

There are, however, several requirements for homebuyers to qualify for the down payment assistance program.

  1. Minimum credit score to qualify is 580.
  2. Borrowers whose income is equal to or less than 140% of the median area income, qualify for the program (in Maricopa that’s $102,060)
  3. FHA loan – Max FHA loan is $314,827 in Maricopa County

 

Who is eligible?

  1. First-time homebuyers
  2. First-responder such as a police officer, firefighter, public safety officer, paramedic, emergency medical technician, volunteers or similar
  3. Educator
  4. Medical personnel such as a nurse, doctor, phlebotomists, health ambassador, hospital, American Red Cross worker or similar
  5. Civil servant in a federal, state or local municipality
  6. Military personnel

 

Borrowers will not be required to apply for the program separately, and will be automatically be qualified by LendSmart during underwriting.

 

 

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