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Down Payment Assistance Program
This program is perfect for the first-time homebuyers. It assists the first-time homebuyers on their down payment and closing cost. This gives them the relief of having to come to the closing table with less money.
Below are the good points on what the Down Payment Assistance Program can do for you:
- The first loan is 97% financing.
- The DPA can be up to $10,000.00 depending in what county the house is located.
- The DPA is a loan that does not have to be paid back until the house is sold or is no longer a primary residence.
- You can have gift funds from a family member to assist in the closing cost.
- You can have seller concessions for the help in closing cost.
Now below are the qualifications needed to qualify for the Down Payment Assistance Program:
- You will need to be a first-time homebuyer.
- You will need to have a credit score of at least 640
- You will need to have to be qualified by Paramount Residential Mortgage Group, Inc for the 97% financing on the purchase of the home.
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