Empowered Down Payment Assistance Program

Hello neighbors!

Here I come with some information about one of the amazing down payment programs that are offered to first-time home buyers:

Empowered Down Payment Assistance (DPA), a national grant program, provides 2% or 3.5% down payment assistance for homebuyers that meet at least ONE of the following criteria:

• First -Time Home Buyer: Any Borrower on the loan application is a First -Time Home Buyer who meets the following criteria: Is purchasing the Subject Property Will reside in the Subject Property as their principal residence Has had no ownership interest (sole or joint) in a residential property during the three -year period preceding the date of the application Or is an individual who is a homemaker or single parent that has no ownership interest in a principal residence (other than a joint ownership interest with a (former) spouse) during the three -year period preceding the date of the application.

• Current/Retired Employment or Volunteer/NonPaid Member: Military personnel First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar Educator (Sunday school teacher, tutor, day care provider) Medical personnel (nurse, doctor, X-Ray technician, hospital administrator, or similar) Civil servant in a Federal, state or local municipality.

• Income: The Borrower’s income (or, in the event of multiple Borrowers on a loan application, their income collectively) is equal to or less than 140% of the state or county median income regardless of family size based upon the state or county where the Security Property is located. State/County Median Income Tool: https://ami-lookuptool.fanniemae.com/amilookuptool/

• Underserved Census Tract: If the subject property is in an Underserved Census Tract, the borrower would be eligible to use the program. Underserved Census Tract Look up: https://www.consumerfinance.gov/rural-orunderserved-tool/#rural-or-underserved

About the program:

• FHA only

• ONE down payment assistance program that you may use nearly nationwide (not available in WA)

• Completely forgivable grant, equals 2% or 3.5% of purchase price

• May be combined with up to 6% seller concession for closing costs

• No resale restrictions

Properties allowed:

• 1-2 Unit Primary Residence

• Manufactured Housing

• Singlewide, Multi wide, MH Condo Projects

• FHA HRAP Approved Condos

• PUDs

The Empowered DPA Program can be used in conjunction with:

• FHA 203(b)

• FHA 203(k) Limited and Standard

• FHA Repair Escrow

Program cannot be used in conjunction with:

• Non-FHA Loan Types

• Any other DPA Program

• High Balance

• TBD

For more information contact your mortgage officer!

Nathalia Venturella

Realtor®️ | CalRE# 02124541

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