I want to tell you about a one of the best down payment assistance programs that I’ve seen in the last few years, the Empowered Down Payment Assistance grant.
The Empowered Down Payment Assistance (DPA) grant offered by Mortgage Brokers thanks to Equity Prime Mortgage, a wholesale mortgage company is designed to help first-time homebuyers, government employees, and medical professionals and others, getting a home more affordably.
What is the Empowered Down payment Assistance Grant?
The Empowered down payment assistance grant provides qualified homebuyers with either 2% or 3.5% for down payment assistance.
This assistance can be used for either the down payment, closing costs or combination of both when purchasing a home. Borrowers have to qualify for an FHA loan as the main financing to get access for the Emplowered DPA grant. FHA loans require a 3.5% down payment.
Essentially, this means that eligible buyers can purchase a home with little to no money coming out of their pocket for the down payment. More about this later in this post.
Who Can Benefit from the Empowered DPA Grant?
This grant is specifically targeted at:
- First-Time Homebuyers: If this is your first time purchasing a home, you could qualify for this valuable assistance.
- Government Employees: Both current and retired State or Federal Government employees are eligible.
- Educators
- Civil servant in a state or local municipality
- Medical Professionals: Whether you’re currently employed or retired from the medical field, this grant could be for you.
- Borrowers who live in an underserved census tract
One of the best things about this grant is that borrowers do not have to be first-time homebuyers like most other down payment assistance programs. So as long as they can meet one of the criteria above, they may qualify.
Key Benefits of the Empowered Down Payment Assistance Grant
1. Financial Relief
One of the significant hurdles in buying a home is coming up with a substantial down payment. With the Empowered DPA grant offering 2% or 3.5% down payment assistance, this initial financial strain is lifted, making homeownership more accessible.
2. Forgivable Grant
The grant provides up to 3.5% of the purchase price, which does not have to be repaid after you’ve made at least 6 months of payments on your mortgage. Most down payment assistance programs require repayment which makes this one a better option.
3. You do not need to be a first-time homebuyer to qualify
As mentioned earlier, the Empowered DPA grant is open to eligible borrowers who meet one of the criteria listed above. This makes it a great option for those who may have previously owned a home and are looking to purchase again.
4. Helps You Build Equity Faster
By providing assistance with your down payment which doesn’t have to be repaid, the grant essentially helps you free up equity in your home.
5. Making Homeownership Affordable
Overall, the grant helps make buying a home more affordable, enabling more people to step into the roles of homeowners without the usual financial stress.
What is the minimum credit score to qualify for the Empowered Down Payment Assistance grant?
The Empowered Down Payment Assistance Program requires a minimum credit score of 620. Also, the maximum debt to income ratio to qualify is 49% as of 2024.
How to Apply for the Empowered DPA Grant
The grant is available through mortgage brokers like us. Here at Andes Mortgage, we can help you determine if you are eligible for the grant and guide you through the application process. If you want to check your eligibility, simply click this link to get started.
Start your Empowered Down Payment Assistance Program Application
In conclusion
The Empowered Down Payment Assistance (DPA) grant is a valuable resource for those looking to purchase their home. By reducing the initial financial burden, offering a forgivable grant, and working in conjunction with the FHA loan, this grant makes homeownership a reachable goal for many.
Ready to take the next step? Learn more about how the Empowered DPA grant can help you achieve your dream of homeownership. [Book a consultation with one of our experts today!]
