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 either a conventional loan, or an FHA loan. The amount of the 2nd mortgage is based on which program is chosen: a conventional loan carries a 2nd of up to 5% equal to the lessor of the sales price, or the appraised value, while an FHA loan is 3.5%. The term for both 2nds 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.
WHY GET AN ESSEX DPA LOAN*?
DPA Loans can benefit borrowers in the following ways:
ZERO down payment
- Low mortgage insurance adjustments
- No income limitations
- Lower FICO scores acceptable
- Competitive interest rate on 2nd
*Not available in state of Washington