Down Payment Assistance Grant

100 PERCENT FINANCING AVAILABLE

Fast Approval

Low Interest Rates

Program Summary

  • ONE down payment Assistance Program that you may use nearly nationwide.

  • Completely forgivable grant equals 2% or 3.5% of the purchase price.

  • May be combined with up to 6% seller concession for closing costs.

  • No resale restrictions.

    Learn more below

Borrower Eligibility

To be eligible for the program, the borrower(s) must meet only ONE of the four following categories outlined.

First Time Home Buyer

Any Borrower on the loan application is a First -Time Home Buyer who meets the following criteria:

  • Is purchasing the Subject Property;

  • Will reside in the Subject Property as their principal residence;

  • Has had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the application.

  • Or is an individual who is a homemaker or single parent that has no ownership interest in a principal residence (other than a joint ownership interest with a (former) spouse) during the three-year period preceding the date of the application.

Current/Retired Employment or Volunteer/Non-Paid Member

Any Borrower on the loan application is a current, retired, volunteer, or non-paid who meets the following criteria:

  • First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT), or similar

  • Educator (Sunday school teacher, tutor, daycare provider)

  • Medical personnel (nurse, doctor, X-Ray technician, hospital administrator, or similar)

  • A civil servant in a Federal, state, or local municipality

  • Military personnel

Income

  • The Borrower’s income (or, in the event of multiple Borrowers on a loan application, their income collectively) is equal to or less than 140% of the state or county median income regardless of family size based upon the state or county where the Security Property is located.

  • State/County Median Income Tool: https://ami-lookup-tool.fanniemae.com/amilookuptool

Underserved Census Tract

If the subject property is in an Underserved Census Tract, the borrower would be eligible to use the program.

Underserved Census Tract Lookup:

  • https://www.fhfa.gov/DataTools/Downloads/Pages/Underse

    rved-Areas-Data.aspx

DISCLOSURES

  • DPA Assistance Application – Provided at Set Up

  • DPA Grant Letter - Provided by Account Manager after UW Approval

  • Program/Consumer Disclosure - Provided by Account Manager after

  • UW Approval

Note: Each disclosure must be wet signed

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If you want to know more about this SouthFork Program, feel free to send us a message below

Frequently Asked Questions

  • Yes, the program will allow for a non-occupant co-Borrower.

  • Only one Borrower is required to meet 1 of the 4 areas to be eligible.

  • TBD is not permitted because it must be an Approve/Eligible, which requires complete property information.

  • If the Borrower has completed the course prior to our application date, EPM will accept it if it is a HUD approved the course, and the expiration of the course is prior to our Note Date.

  • Only one Borrower is required to complete the course.

  • Yes, the Borrower is permitted to contribute more than the minimum required investment of 3.5%.

  • Yes, there are 3 additional disclosures required for the Empowered DPA program. They can be found in the TPO portal and must be wet signed.

  • No, use 140% of the AMI in all areas.

  • Yes, EPM to confirm the settlement agents / Title companies wire instructions prior to the DPA funds being requested