DOWN PAYMENT ASSISTANCE
Funds For Downpayment and/or Closing Costs
We can help you access Down Payment Assistance (DPA) funds for your down payment and/or closing costs. Most DPA programs are provided by local city, county, state or federal 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
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 amount you can receive depends on the DPA program. Some offer a percentage, typically 5% of the the total loan amount while others cap assistance at a certain dollar amount.
Your TSM Loan Originator will help you investigate Down Payment Assistance options for your home loan.