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HOW DOES EPM EMPOWERED DPA PROGRAM WORK?
How does EPM EMPOWERED DPA and GRANT PROGRAM work? How do I qualify for the EMPOWERED DPA PROGRAM for first time homebuyers?
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5 Replies
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There’s a recent article updated on FHA STREAMLINE REFINANCE LENDERS about the EPM EMPOWERED DOWN PAYMENT ASSISTANCE HOME PURCHASE PROGRAM posted live this morning. EQUITY PRIME MORTGAGE offers a full DOWN payment assistance program and grant on FHA LOANS. The 3.5% down payment is fully forgivable after six months. What does the forgivable on FHA DPA PROGRAM mean? You can sell, or Refinance your home and don’t have to pay the 3.5% down payment you got back. Gustan Cho Associates offers the EPM EMPOWERED DOWN PAYMENT ASSISTANCE MORTGAGE PROGRAM in 48 states. Not available in Washington State. The maximum debt to income ratios is 48.99% with no front end debt to income ratio cap. It is borrower paid and homebuyers need to get a 6% seller concessions for lender origination fees and closing costs. Read more about the EPM DPA MORTGAGE PROGRAM at https://fhastreamlinerefinancelenders.com
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Thank you for your response. Helped a lot.
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Mortgage Rates on EPM EMPOWERED DPA PROGRAM is higher than traditional FHA loans. Currently the DPA PROGRAM Rates is at 7.75%. You cannot buy down the rates.
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We do have two other down payment assistance mortgage programs that debt to income ratio goes up to 46.9% front end and 56.9 back end. The down payment assistance funds is not forgivable and needs to get paid once you refinance or sell the house. They are all FHA loans.
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The EPM program has an empowerment feature that helps people who need a downpayment for their first home under the DPA program assistance scheme. Below are the highlights of how the EPM Empowered DPA program works and its eligibility criteria: –
Overview of the EPM Empowered DPA Program
Purpose:
The Homebuyer Assistance Program’s efforts are directed toward providing down payment facilities to first-time home buyers through gifts or loans that are repayable but forgivable under certain conditions.
Funding Amount:
The amount available as funding will differ from one program to another and from geographic area to geographic area, but most of them assist with a substantial percentage of the required down payment.
Forgivable Loan:
Some DPA programs allow its borrowers to take out non-repayable loans. The loan can be written off if the borrower lives at the said house for enough time (usually 5-10 years).
Eligibility Requirements
First Time Home Purchaser:
You are required to be a first-time home purchaser who is deemed to have yet to own property over the last three years.
Income Limitations:
Financial requirements could be based on the area median income (AMI). You and your household should be within the specific requirements set aside.
Credit Score:
There are usually established credit requirements, which will vary with programs. Most programs require a minimum credit score of about 620.
Mortgage Type:
The program will apply to the following financing mortgages: FHA, VA, or conventional loans.
Homebuyer Education Course
Some lenders may require the completion of a homebuyer education course as a prerequisite to home purchase, as applicants are expected to understand all the responsibilities of owning a home. Attending homebuyer courses helps people get educated on how to own a home.
Steps to Apply
Contact a Participating Lender
Consider contacting lenders registered under the EPM Empowered DPA Program. They will provide you with the application details and where to subscribe.
Gather Documentation
Collect the required supporting documents, including a letter of income, tax returns, and your credit history.
Complete a Homebuyer Education Course
In this case, you must pass a course to familiarize yourself with budgeting, the types of Mortgages, and the steps of buying a house.
Submit Application
Collaborate with your lender so that your application for the DPA program is submitted together with the mortgage application.
The EPM Empowered DPA Program can offer a very big boost to first-time buyers who need more funds for their deposits. If you know what your obligations are going to be and the conditions for eligibility are met, there should be no problem with this. Ask specific questions about what and how things are done in your place.