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State Housing Agency Loans and DPA Programs may be excellent options for you if:
- You’re a first-time or repeat homebuyer; and
- You have low- to moderate-income, are an underserved minority, are disabled or elderly, or work in certain professions (like teaching or the military, depending on the state);and
- You want a low-interest mortgage rate and/or down payment assistance.
State Housing Agency Loans and DPA Programs benefits and features:
- State Housing Agencies typically provide low-interest mortgage rates and DPA programs, which vary by state.
- DPA is commonly provided in the form of a grant or a loan, which is secured as a lien against the property and often forgiven over time.
- DPA is also available in some high-cost housing areas, where DPA eligibility may be based on factors other than income.
- Other requirements and conditions apply.