DOWN PAYMENT ASSISTANCE

Funds For Down Payment and/or Closing Costs

Money for the down payment and/or closing expensesFor your down payment and/or closing costs, we can assist you in obtaining Down Payment Assistance (DPA) funding. The majority of DPA programs are offered by federal, state, county, or local housing authorities.

Qualifying for Down Payment Assistance

Meet the eligibility requirements for income and credit history. These may vary depending on the type of loan solution.
Authorized loan solutions include Conventional, FHA, VA and USDA loans.
Available for both first-time and seasoned homebuyers.

Down Payment Assistance for Conventional, FHA, VA, and USDA Loans

30-year loans
Fixed-Rate loans
100% Combined Loan-to-Value (CLTV) with select Down Payment Assistance programs
LTV and DPA percentages vary by state and/or county
State-specific DPA allowed on VA and USDA loans
Specialty three- and five-year forgivable DPA program options for teachers and Heros (including firefighters, police officers, etc.)

A Fixed-Rate Mortgage has an interest rate that remains the same for the life of the loan.

Types of Down Payment Assistance Programs

The DPA program determines how much you can get. While some cap help at a specific monetary amount, others grant a percentage, usually 5% of the overall loan amount. You can look for alternatives for Down Payment Assistance for your home loan with the assistance of your TSM Loan Originator.

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