What is DPA Advantage?
DPA Advantage — for which AFR 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. DPA Advantage is offered by a governmental entity and may be used with the FHA 203(b) Standard program or many of our FHA renovation programs.
Key Features
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 for DPA Advantage
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.
