Option 1 (Forgivable)
1. Borrower earns 115% AMI or less
2. Borrower is eligible for a forgivable loan
3. Loan is forgivable after 3 years with timely payments on the first mortgage
4. Purchase of a primary residence 1-2 units
5. Conforming and high balance loan amounts
6. Minimum credit score of 620
Option 2 (Repayable)
1.Borrower earns more than 115% AMI
2. Borrower is eligible for a repayable loan
3. Choice of 0% for 10 years or 5% for 30 years
4. Purchase of a primary residence 1-2 units
5. Conforming and high balance loan amounts
6. Minimum credit score of 620
DPA Advantage
No repayment or second lien required!
DPA Advantage provides a wide variety of eligible borrowers with down payment assistance in the form of a grant equal to 2% or 3.5% of the purchase price on eligible FHA home purchases.
Highlights!
1. Down payment assistance is in the form of a grant, equal to either 2% or 3.5% of the purchase price
2. No repayment required
3. No need for a second lien on the property
4. Can be used with the FHA 203(b) program or many FHA renovation programs
5. Seller concessions up to 6% can be applied to all borrower paid closing costs
6. Minimum qualifying credit score: 620
7. A simple one-step process with no need for you or the borrower to engage with a third party
State and County Programs
We're proud to participate in several different state and county housing programs. Here's a quick list of who we're approved for. More will be coming!
- Maryland Mortgage Program including Smartbuy 2.0
- Prince George's County's Pathway To Purchase
- Charles County SELP
- Arundel Community Development Services' Mortgage Assistance Program
If you’d like more information on Down Payment Assistance Programs, fill out the contact form below. If you’re ready to apply and get preapproved, click “Get Started”!
Attention Real Estate Professionals!
Download the Adam Backes - CMG Home Loans Team's Down Payment Assistance Program (DPA) here! This flyer is a great handout for your clients! If you would like a co-branded flyer, please reach out directly to Adam. Best wishes!
