(302) 703-0727

(302) 703-0727

PRMI DPA Advantage Grant Program

John Thomas May 5, 2019 Tags: , , ,
featured image

PRMI DPA Advantage Grant Program

PRMI DPA Advantage Grant Program provides up to 2% 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

2% Grant Program Highlights

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

  • Completely Forgivable grant of up to 2% of the purchase price.
  • May be combined with up to 6% seller paid closing costs
  • Minimum Qualifying Credit Score is 580
  • No Resale restrictions on the home
  • 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 2% 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.
PRMI DPA Advantage Grant

What are the Qualifications for the 2% DPA Advantage Grant?

In order to take use the 2% 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 2% Advantage Grant?

If you would like more information or to see if you qualify for the 2% Grant Program, please call the John Thomas Team at 302-703-0727 or APPLY ONLINE

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

Related Posts

  • Delaware Mortgage Company
  • Owning vs. Renting
  • Delaware Down Payment Program
  • First Time Home Buyer Seminar