Frequently Asked Questions

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No. After six payments are made, you owe nothing. If you pay off your mortgage before six payments are made, the down payment assistance is owed, and will be added to the payoff. 

Minimum “mortgage” fico score 580 (not Credit Karma, Experian, TransUnion, your credit card provider scores, etc). 

Note: You can have a 580 fico and still not get approved so let’s tackle credit early to ensure there are no surprises. 

Credit profile can sometimes be more important than credit score but 580 will at least allow one foot in the door. 

Someone who has not owned real estate for at least three years. Ownership is the key word, you don’t have to be a borrower to have ownership in a property. If you inherit a home, you’re a homeowner. 

No. If you are not an FTHB, income limits may apply BUT, income limits DO NOT apply if you are not an FTHB, and work in the medical, education, or first responder industries. 

DPA (Down Payment Assistance) programs are not for current homeowners but there are plenty of options for you if you seek to increase your real estate portfolio (see the Services tab).

Yes, conforming loan amount limits apply. 

Example: Los Angeles County Loan Limit is $766,500.

In terms of the maximum purchase price associated with the above loan limit, with only 3.5% down on an FHA loan, max price is $794,300. Anything above this would require the buyer to make up the difference. 

It’s a national program. 

FHA and Conventional

· FHA – Grant up to 3.5%

Example: Price $500k

Grant $17,500

· Conventional – Grant up to 3%

FHA and Conventional 

· SFR (Single Family Residence)

· Condo 

· Townhome

· 1-2 units 

Conventional Only 

· 4 units

FHA Only

· MFR (Manufactured Homes)

  o Must be double wide

  o Must be built 1977 or later

  o NO leased land allowed (no land/space rent)

  o Must be on permanent foundation

Depends on a myriad of factors. FTC (Funds To Close) can range 3%-5%.  

Example: Price $500k

FTC range $15k - $25k

Yes. There is no cap on the amount of gift funds allowed and seller credits are also allowed. 

FHA max seller credit is 6%. 

Conventional max seller credit with a 3% down payment is 3%.  

In a perfect world, with enough gift funds and or seller credit, you can potentially buy a house with zero out of pocket.