GMFS is pleased to offer a number of Down Payment Assistance Programs to help more of your borrowers achieve homeownership.

DPA – Conventional with up to 4% DPA under a community second program

  • Flexible down payment and closing cost assistance
  • No first-time homebuyer requirement
  • Program qualification based on borrower income only, not household
  • The amount of the assistance is based on the lesser of the purchase price or appraised┬á value, not the first mortgage loan
  • This Program is eligible in the following GMFS states ÔÇô AL, AR, CO, GA, IL*, IN, KY, MS, MO, OK, TN, VA┬á (*not available in Cook county)
  • Second lien is 30 year interest-only non-forgivable loan, can be paired with Home Ready or a standard Conventional DU loan
  • Brokers must use GMFS Disclosure Desk and compensation must be Borrower Paid
  • View DPA Programs by State┬á

DPA – FHA with 2nd

  • FHA 1 st Lien 96.5% LTV
  • DPA 2 nd Lien 3.5% of Purchase Price
  • Funds Can Be Used For Down Payment
  • Funds Can Be Used for Closing Costs
  • Minimal Overlays
  • No First Time Homebuyer Requirement
  • This program is eligible in all states that GMFS does business
  • Brokers must use GMFS Disclosure Desk
  • View DPA Programs by State┬á

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View DPA Programs by State

  • Alabama

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Arkansas

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Springboard
    Eligible State AR, GA, OK, CO
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023

  • Colorado

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Springboard
    Eligible State AR, GA, OK, CO
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023

  • Florida

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

  • Georgia

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY

    Down Payment Advantage – Conventional

     PROGRAM Springboard
    Eligible State AR, GA, OK, CO
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023

  • Illinois

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Indiana

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Kentucky

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Louisiana

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite
    DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Purchase Advantage Program

     PROGRAM Purchase Advantage Conventional Purchase Advantage Government
    Eligible State LA LA
    Down Payment Assistance amount 0-4% – Total Loan Amount 1-4% – Total Loan Amount
    Loan Program Eligibility Conv FHA/VA/USDA
    2nd Lien required? No No
    Forgivable 2nd Lien? N/A N/A
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 640 (2 scores required) 640 (2 scores required)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income 50% with AUS Approve 50% AUS Approve
    Area Median Income Limits % Up to 140% AMI Up to 115% AMI
    AUS/Manual Underwrite LP Only/Manual DU or RD / Manual
    Homebuyer Education Required? For First Time Homebuyer if required by program For First Time Homebuyer if required by program
    Non Occupying Coborrower Allowed Allowed
    As of 9/14/2023

    Learn more about the Purchase Advantage Program here.

  • Mississippi

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Missouri

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • North Carolina

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

  • Ohio

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

  • Oklahoma

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

     

    Down Payment Advantage – Conventional

     PROGRAM Springboard
    Eligible State AR, GA, OK, CO
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023

  • South Carolina

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

  • Tennessee

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county

  • Utah

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

  • Virginia

    Down Payment Advantage – FHA

    ┬áPROGRAM DPA – Forgivable DPA – Amortized
    Eligible State All GMFS Eligible States All GMFS Eligible States
    Down Payment Assistance amount 1-3.5% ( Lesser of Purchase Price or Appraisal) 1-3.5% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility FHA FHA
    2nd Lien required? Yes Yes
    Forgivable 2nd Lien? No After 10 years (Based on Program Requirements)
    Do they have to be a first time homebuyer? No No
    Minimum FICO Requirement 600 (Min 1 score per Borrower) 600 (Min 1 score per Borrower)
    Max Loan to Value Eligible AUS Eligible AUS
    Max Debt To Income Eligible AUS Eligible AUS
    AUS/Manual Underwrite DU DU
    Homebuyer Education Required? Yes Yes
    Non Occupying Coborrower FHA ONLY FHA ONLY
    As of 9/14/2023

    Down Payment Advantage – Conventional

     PROGRAM Fahe
    Eligible State AL, IL*, IN, KY, MS, MO, TN, VA
    Down Payment Assistance amount Up to 4% ( Lesser of Purchase Price or Appraisal)
    Loan Program Eligibility Conv/HR/HP
    2nd Lien required? Yes
    Forgivable 2nd Lien? No
    Do they have to be a first time homebuyer? No
    Minimum FICO Requirement 660
    Max Loan to Value 95-97
    Max Debt To Income 50% or Lesser of AUS
    Area Median Income Limits % Up to 140% AMI
    AUS/Manual Underwrite DU
    Homebuyer Education Required? Yes
    Non Occupying Coborrower Not Allowed
    As of 9/14/2023 * Not available in cook county