Discover DPA Advantage
Overview
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 is offered by the Public Finance Authority (PFA), a Wisconsin governmental entity. 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.
Basics & Benefits
DPA Advantage contains a wide array of options that could meet your borrowers’ needs including, but not limited to:
- DPA Advantage has two grant options available: a 3.5% grant and a 2% grant
- May be combined with up to 6% seller concession for closing costs
- No repayment required
- No second lien on the property
- 620 minimum FICO
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.
In addition to helping first-time and moderate-income home buyers, 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:
- 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)
If none of the above apply: At minimum, the income and credit must meet FHA total score card or manual underwriting requirement.
Review program highlights, qualifications, and benefits before you get started.
