Now Available to Correspondents — FHA Down Payment Advantage Can Close in Your Name

We’re pleased to announce that the FHA Down Payment Advantage (DPA) program is now available to our Correspondent clients. Previously offered through our Broker channel only, this program may now be closed in your own name.

The Down Payment Advantage program, sponsored by the National Homebuyers Fund (NHF), pairs an FHA first mortgage with down payment and closing cost assistance, helping more low-to-moderate income borrowers achieve homeownership.

Please note the following conditions for all Correspondent transactions:

• GMFS completes the disclosures. All TPO (third-party originated) loans must be disclosed by GMFS.
• No Close-on-Your-Own-Documents (COYOD). COYOD docs are not permitted on this program. GMFS-issued closing documents must be used.

All other program guidelines, eligibility requirements, and documentation standards remain as outlined in the current DPA FHA Guide Sheet.

If you have any questions or would like to begin offering FHA Down Payment Advantage to your borrowers, please reach out to your District Director.