Discover DPA Advantage
DPA Advantage, for which eLEND is the administrator, is designed to provide down payment assistance in the form of a grant equal to 2% or 3.5% of the purchase price to a wide variety of eligible borrowers. The DPA Advantage Grant Program may be used in conjunction with an FHA 203(b) Standard or FHA 203(k) Limited or Standard programs. *This grant program has no affiliation with HUD or FHA.
Why Our Partners Love DPA Advantage
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No repayment or recapture period
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A true, day-one-forgiven grant
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Easier qualifications than most DPAs
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Minimum 620 FICO
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Not limited to First Time Homebuyers
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No income restrictions
Who is Eligible?
Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.
- Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.
- Not just for first-time and moderate-income home buyers! The DPA Advantage is available to make life easier for those eligible borrowers who make our lives easier.
- This includes borrowers who are current, retired, volunteer, non-paid, or plan to become:
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- First-responders (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT), including volunteers, or similar),
- Educators,
- Medical personnel (nurse, doctor, phlebotomist, health ambassador, or hospital, American Red Cross worker, or similar),
- Civil servant in a federal, state, or local municipality,
- Military personnel, or
- Eligible properties located in an underserved census tract (Zip Code Lookup Tool)
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‼️If none of the above apply: At minimum, the income and credit must meet FHA total score card or manual underwriting requirement.
Frequently Asked Questions
Is this only for First-Time Homebuyers?
No, but at minimum, the income and credit must meet FHA total score card or manual underwriting requirement.
What Channel is the DPA Advantage Offered on?
Our DPA Advantage is offered on the Broker-Only channel.
What compensation types are allowed?
Borrower-paid compensation only.
Is the DPA Grant forgivable or repayable?
The DPA is truly a grant and does not require repayment and is not subject to recapture. 100% forgivable on the day of closing.
How are DPA funds requested and received?
Funds are ordered by eLEND once the loan receives Clear-To-Close. eLEND gets the funds wired directly to closing.
Can you combine the DPA Advantage with other loan programs?
Yes! The DPA Advantage Grant Program may be used in conjunction with FHA 203(b) Standard or FHA 203(k) Limited or Standard programs.
Is the approval process longer/different than a standard FHA loan?
No. The DPA Advantage is processed as a standard FHA 203(b) purchase with no additional approval process.
Is a TBD permitted?
We are not accepting TBD pre-approvals at this time.
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