First-Time Homebuyer / DPA Home Loans

A First-Time Homebuyer loan is a mortgage program designed for individuals purchasing their first home or those who haven’t owned a home in the last three years. These loans often feature lower down payment requirements, competitive interest rates, and other benefits to make homeownership more accessible.

Down Payment Assistance (DPA) is financial aid provided to homebuyers to help cover the cost of a down payment and, in some cases, closing costs. DPA can come in the form of grants, forgivable loans, or deferred-payment loans and is often offered by state or local governments, nonprofits, or lenders.

Yes, in many cases, you may qualify as a first-time homebuyer if you have not owned a home in the last three years. This rule allows individuals who previously owned a home but are now renting or living with family to benefit from first-time buyer programs.

First-Time Homebuyer loans often require lower down payments, sometimes as low as 3%. They may also offer reduced interest rates, more flexible credit requirements, and options for reduced or no closing costs. Some programs can also be combined with DPA to further reduce upfront expenses.

Eligibility for DPA programs depends on factors like income, credit score, and the purchase price of the home. Most programs are geared toward low- to moderate-income buyers and require the home to be used as your primary residence. Specific qualifications vary by program and location, and we can help you identify which programs you qualify for.

It depends on the type of DPA program. Grants typically do not require repayment. Some deferred-payment loans only need to be repaid if you sell or refinance the home, while forgivable loans may be waived entirely after you meet certain conditions, such as living in the home for a set number of years.

Yes, many first-time homebuyer loans can be paired with DPA programs to further reduce the upfront costs of purchasing a home. For example, you could use an FHA loan with a DPA grant to cover your down payment and closing costs.

The minimum credit score requirement varies by loan type. FHA loans typically require a credit score of 580 or higher, while conventional loans may require a score of 620 or above. DPA programs often have their own credit requirements, which may be more lenient.

Many First-Time Homebuyer and DPA programs have income limits to ensure they assist low- to moderate-income buyers. These limits vary by location and program, and some programs adjust the limit based on household size.

Most programs require the property to be used as your primary residence, and some may have restrictions on the purchase price to ensure affordability. Eligible properties often include single-family homes, condos, townhomes, and certain multi-unit properties.

A grant is financial assistance that does not need to be repaid, while a loan may need to be repaid under specific conditions. Deferred-payment loans don’t require repayment until you sell or refinance, and forgivable loans may be waived entirely if you meet the program’s criteria, such as living in the home for a certain number of years.

The process begins with determining your eligibility for various loan and assistance programs. We’ll guide you through pre-qualification, help you gather the necessary documentation, and connect you with programs that align with your financial needs and goals.

Closing costs are the fees and expenses paid when finalizing a home purchase, such as lender fees, title insurance, and taxes. Some DPA programs provide funds to cover part or all of these costs, reducing your out-of-pocket expenses.

Yes, you can refinance your First-Time Homebuyer loan in the future to secure a lower interest rate, reduce monthly payments, or access your home’s equity. Refinancing may also allow you to pay off any deferred-payment DPA loans if required.

Getting started is simple. Contact Corbett Uzel | Mortgage Loan Originator, and we’ll help you explore your options, determine your eligibility, and guide you through every step of the process. Have questions? Fill out the form, and we’ll provide expert insights tailored to your needs!