Down Payment Assistance (DPA) Programs or Bond Loans can be administered by a local, state, or federal housing authority directly through your Loan Advisor at Luminate Michigan. They provide a set amount of money to qualified homebuyers. In most cases it applies to first-time homebuyers, but Luminate Michigan has DPA programs for current homeowners also. Homebuyers can use the money to cover their down payment and/or closing costs.
When you purchase a home using a Down Payment Assistance or Bond loan, the DPA loan acts as a second mortgage or lien on the home. In some cases the lien may be forgiven, and in other it could be paid as a second mortgage. Eligibility, requirements, and other details regarding this loan vary by state, county, and program. If eligible, a DPA loan is typically used in conjunction with a Conventional and FHA loan to purchase a new home. Eligible borrowers may receive up to $20,000 in some counties of certain states. Borrowers who have not owned property in the past 3 years may be eligible as first-time homebuyers.
For example, the most commonly known program in Michigan is MSHDA. Alex Kandah and his team at Luminate Michigan are expert authorized MSHDA lender, but also provide alternative down payment assistance (DPA) programs for borrowers that may not qualify for MSHDA. They will guide you to choosing your best option.
See if You Qualify for Down Payment Assistance/ Bond Loans
Luminate Michigan offers DPA Mortgage loans in many states including Michigan. If you’re purchasing a home in areas such as Warren, Roseville, Mt. Clemens, Sterling Heights, Royal Oak, Farmington Hills, Dearborn, Southfield, Pontiac or any city in the entire state of Michigan and many other states you may qualify for a DPA loan. For more information on Down Payment Assistance for Purchase Mortgage loans or how to get pre-qualified, contact us today at (248) 633-8555, miteam@boemortgage.com, or complete an online application.
