Down Payment Assistance Programs

Down payment assistance programs continue to be a valuable resource for homebuyers across the nation. There are state and federal programs available with varying payback and forgivable options. Please be sure to fully evaluate any offering. Some down payment assistance programs (DPA's) are fully forgivable if you stay in the home and do not refinance for a specified number of years or may be prorated. If it is a 10-year plan and you only plan to stay in the home for 2-3 years, this may not be the right solution for your situation. Some DPA's accrue interest, some have higher interest rates than programs without a DPA, and some require monthly payments and are essentially a second mortgage or lien on the property.

We have a limited time exclusive 0% Down Purchase program offering. Simply put, qualified borrowers receive a 3% down payment assistance loan, up to $15,000, from UWM. 

Here's how it works:

UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000, with no monthly payment requirement and no interest. Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first. Payments on the second lien can be made throughout the loan term but are not required. Forgivable if refinanced through same company (UWM/Summit Lending), same program, other restrictions may apply.

How borrowers can qualify:

Eligible borrowers will have a 620+ credit scores and are at or below 80% of the Area Median Income (AMI) for the address of the property they are buying. They must also that meet Home Possible® guideline requirements. Very low-income borrowers whose qualifying income is at or below 50% AMI, will receive a $2,500 credit as part of the 3% assistance which does not need to be repaid by the borrower and lowers their debt obligation from the second lien. LTV must be equal to or greater than 95% LTV, up to 97%.

This exclusive 0% Down Purchase program is a powerful tool designed to benefit borrowers and can help me and my realtor partners get buyers into homes with less money up front. 

Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible® guidelines. Some exclusions may apply.