“Being a cop isn’t much like those detective shows you see on TV. I’d say it’s a lot harder,” said Carl, a five-year veteran of the force.
“With a job that can be as stressful as mine, it’s important to have a place to unwind when you’re off duty. When I was renting, I never quite felt at home. Thank goodness I learned about DPA programs.”
DPAs, or down payment assistance programs, allow people in certain professions or situations to buy a home without having to save up a traditional full down payment.
While you still have to meet the income, asset and property guidelines associated with the loan you are considering, a DPA (sometimes called a buyer’s grant or credit) can enable a prospective homeowner to buy his or her first home much sooner than expected.
If you qualify and are approved like Carl was, your down payment assistance will be paid in the form of a forgivable grant at the time of closing. “Forgivable” means you don’t have to pay it back, and the loans are available in 20-, 25- and 30-year terms to allow for flexibility. It’s our way of trying to help hardworking Americans like Carl achieve their dreams of homeownership.
Click here for more information on the Advantage DPA program and to submit an application.