PRMI DPA Advantage Grant Program

UPDATE MARCH 2022 – 6.5% Suspended – Currently Only 3.5% Grant Because of Mortgage Market Conditions

PRMI DPA Advantage Grant Program provides up to 6.5% as a forgivable grant to eligible borrowers using a FHA Loan to purchase a home. The PRMI DPA Advantage Grant program is an approved Delaware down payment assistance program by HUD so can be used with a FHA mortgage loan. Call 302-703-0727 to apply for the grant or APPLY ONLINE

6.5% Grant Program Highlights

The highlights of the PRMI DPA Advantage Grant Program are as follows:

• Completely Forgivable grant of up to 3.5% of the purchase price toward down payment and with up to 3% Lender Credit toward closing costs for 6.5% of grant money that doesn’t have to be paid back!
• May be combined with up to 6% seller paid closing costs
• Minimum Qualifying Credit Score is 620
• No Resale restrictions on the home
• No Second Lien on the property
• No Repayment Required
• Must be Primary Residence
• Approved Down Payment Assistance Program
• Must Complete HUD Approved Home Buyer Counseling Class
• Can Only be Used with a FHA Loan

Borrower Eligibility for PRMI DPA Advantage Grant Program

In order to be eligible to qualify for the 6.5% DPA Advantage Grant Program you must meet only ONE of the following categories:

• First Time Home Buyer (Someone Who Has Not Owned a Home in the last 3 years)
• Household Income under 140% of County Median Income.
  Click here for the State/County Median Income Tool: https://homeready-eligibility.fanniemae.com/homeready
• Qualify as a Hometown Hero:
  Any Borrower on the loan application is a current, retired, volunteer or non-paid
  1. First Responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar;
  2. educator
  3. medical personnel (nurse, doctor, phlebotomists, health ambassador, or hospital, American Red Cross worker, or similar)
  4. civil servant in a Federal, state or local municipality
  5. military personnel.

What are the Qualifications for the 6.5% DPA Advantage Grant?

In order to take use the 6.5% grant, you must meet the borrower eligibility requirements list above the property must be one of the following Eligible Property Types:

• 1-2 Unit Primary Residence
• Manufactured Housing
• FHA HRAP Approved Condo
• PUDs

The borrower must complete homeownership counseling that is approved by HUD. The maximum loan to value (LTV) on the first FHA mortgage is 96.5%. The maximum total debt to income ratio is 48.99% and the loan MUST receive an approve/eligible response from the automated underwriting system. The seller can pay up to 6% toward closing costs and pre-paid items.

*First lien interest rates maybe higher when using a DPA second.

How Do You Apply for 6.5% Advantage Grant?

If you would like more information or to see if you qualify for the 6.5% Grant Program, please call the John Thomas Team at 302-703-0727 or APPLY ONLINE