Epic’s Special Down Payment Assistance (DPA) Program offers attractive features and benefits to potential homebuyers. Here’s a breakdown of the program’s key qualifications and highlights:

Qualifications:

FHA Loan Options 

The program offers FHA loans with two down payment options – 3.5% down payment at a 7.750% interest rate and 2.0% down payment at a 7.250% interest rate (with the customer contributing 1.5% down).

Credit and Debt Requirements

Borrowers can qualify with a minimum FICO credit score of 620 and a debt-to-income ratio (DTI) of up to 48.99%.

Non-Occupying Co-Borrower

This program allows for non-occupying co-borrowers, which can be helpful for individuals who want to purchase a property with the assistance of another party.

Property Types

The program is available for 1-2 unit owner-occupied properties and duplexes. For duplexes, rent can be used to help qualify.

HUD Area Purchase Price Limits

The program likely has purchase price limits that adhere to HUD guidelines for the specific area.

 

Highlights:

Forgivable Down Payment Assistance: 

This program offers forgivable down payment assistance, which means that a portion of the down payment may not need to be repaid under certain conditions, typically related to living in the property for a specific period.

Options for No Out of Pocket Costs: 

There are options for homebuyers to potentially avoid out-of-pocket costs through seller concessions, which can help reduce the upfront expenses of purchasing a home.

Simplified Process:

There is no separate loan, approval process, or underwriting for the DPA program, which may streamline the homebuying process.

Homebuyer Education Fee Refund: 

The program refunds the homebuyer education fee, up to $100, which can be an added financial benefit for participants.

Appraisal Refund for Wisconsin Properties: 

In Wisconsin, the program offers an appraisal refund of up to $700 for qualified properties.

Higher Income Limits: 

Borrowers with incomes up to 140% of the Area Median Income (AMI) may qualify for this program.

Qualified Borrowers: 

The program is open to various categories of borrowers, including first-time homebuyers, individuals currently employed, retired, or volunteering in specific fields (e.g., military, first responders, educators, civil servants, medical personnel), those under the income limit as defined by Fannie Mae AMI guidelines, and those in underserved census tracts.

 

It’s important to note that the specifics of DPA programs can vary by location and may change over time, so it’s advisable for potential homebuyers to contact the program administrator or a mortgage lender for the most up-to-date information and to determine their eligibility for the program. Additionally, borrowers should carefully review the terms and conditions of any DPA program to fully understand its requirements and benefits.