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. FSB Mortgage’s DPA program can be used to obtain an FHA loan. The amount of the 2nd mortgage is up to 3.5% equal to the lessor of the sales price, or the appraised value.
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 a FSB Mortgage DPA loan?*
DPA Loans can benefit borrowers in the following ways:
- ZERO down payment
- Generous income limits
- No First-Time Homebuyer Requirement
- Lower FICO scores acceptable
- Competitive interest rate on 2nd
*Not available in the following states: Massachusetts, New York or Washington
Apply Now