Heroes Housing is pleased to annouce the launch of our Down Payment Assitance Program available to all Local Heroes
Forgivable DPA program. With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The loan is forgiven as soon as the borrower makes 36 consecutive on-time payments on the FHA first mortgage. If the borrower makes more than 115%, they will be expected to repay the DPA over a 10 or 30 year term.
*Heroes Housing Lender Affiliates nor any of their products are approved by or affiliated with Fannie Mae