PRMI Welcome Home Down Payment Assistance Program
PRMI Welcome Home Down Payment Assistance Program provides up to 5% down payment and closing cost assistance to home buyers. You can get an FHA 101.5% financing by combing the PRMI FHA first mortgage with the 5% DPA Loan. This program is great for first time home buyers and repeat home buyers. Get Started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.
PRMI Welcome Home Down Payment Assistance Program Guidelines
The Guidelines for qualifying for the Welcome Home DPA Program are as follows:
- Available with PRMI FHA Loan or PRMI USDA Loan
- Minimum 620 Credit Score
- No Income Restrictions except USDA Loan guidelines
- Temporary Interest Rate Buy Down Options
- Do NOT have to be a First Time Home Buyer
- Available Nationwide except NY
- Second Mortgage Loan for Down Payment & Closing Costs
- Repayable and Forgivable Options for the DPA Loan
What are the Eligible Property Types for the Welcome Home Program?
The PRMI Welcome Home DPA Program allows borrowers to purchase properties that are on the eligible list. The following are eligible property types for the DPA program:
- Single Family Residence
- Townhomes / Row Homes
- Warrantable Condos
- Planned Unit Developments (PUDs)
- Manufactured Homes that Meet guidelines (660 Minimum Credit Score)
- 1-2 Unit Properties as Long as will live in 1 Unit
Properties that are NOT eligible for the Welcome Home down payment assistance program:
- Rental Properties
- Second Homes
- Non-Warrantable Condos
- Investment Properties
What are the Terms of the Down Payment Assistance Loan?
There are two options for the Down Payment Assistance Loan; Repayable and Forgivable.
- Repayable Second Mortgage: Offers flexible amortization terms of 10, 20 or 30years, with a 10-year balloon payment. The DPA amount is either 3.5% or 5.0% of the home purchase price or appraised value, whichever is lower.
- Forgivable Second Mortgage: A 30-yearfixed-rate mortgage that becomes forgivable after five years, featuring a 0% interest rate and no monthly payments.The DPA amount is either 3.5% or 5.0% of the home purchase price or appraised value, whichever is lower.
How Do You Apply for the Welcome Home DPA Program?
If you are looking to apply for the PRMI Welcome Home DPA Program you must apply with the John Thomas Team with Primary Residential Mortgage. You can give us a call at 302-703-0727 or you can APPLY ONLINE FOR PRMI Welcome Home DPA