6260 Poplar Ave. Memphis, TN 38119

Down Payment Assistance

Learn About Down Payment Assistance (DPA)

1392 (1)We aim to provide you with all the information you need to understand down payment assistance for homebuyers. We understand that the home-buying process can be challenging, but we are here to support you every step of the way. Whether you're a first-time homebuyer or looking to purchase your next home, we have a down payment assistance program that suits your needs.

What is Down Payment Assistance?

Down payment assistance, also known as DPA, is a program that helps homebuyers to finance the down payment and closing costs of their home purchase. The DPA may come in the form of a grant, forgivable loan, or a low-interest loan. The goal of this program is to help homebuyers to overcome the financial barrier that often prevents them from owning a home. DPA provides essential financial support that helps homebuyers to achieve their dream of homeownership.

Who is eligible for Down Payment Assistance?

Eligibility for Down Payment Assistance programs vary, but generally individuals and families that meet the following conditions are eligible:

  1. Must be first-time homebuyers or haven't owned a home in the past three years
  2. Their credit score is above the minimum requirement
  3. They meet income and purchase price limits
  4. They complete homeownership education courses

It is important to note that the criteria may differ depending on the DPA program and where you are located. Contact Eagle Mortgage and Funding today to determine your eligibility.

Shelby County's Down Payment Assistance (DPA) Program offers financial assistance to low and moderate-income individuals in covering a portion of their down payment and closing costs requirements needed to complete the closing. The home that you buy may be either an existing home or a newly constructed home anywhere within the boundaries of Shelby County as long as the purchase price does not exceed $250,000. Effective July 01, 2021 up to $6,000 is available as a 3% fixed rate loan and repayment terms can extend up to 15 years (180 months). Debt ratios must not exceed 45% Back End.

What are the benefits of Down Payment Assistance?

Down Payment Assistance has numerous benefits that can make homeownership more accessible and affordable for many families. It can reduce the amount needed for your down payment, which can be a significant barrier to homeownership. DPA also lowers monthly mortgage payments, making homeownership affordable for more families. DPA provides more flexible payment options that suit your income, which can help you manage your budget more effectively. It will also improve your credit score since consistent, on-time payments can have a positive impact on your credit score.

CONTACT INFO

6260 Poplar Ave.
Memphis, TN 38119

LICENSING

NMLS ID #156553 for TN
NLMS ID #187152 for MS
Licensed with the Mississippi Department of Banking and Consumer Finance

Equal Housing Lender
Eagle Mortgage & Funding Inc.
6260 Poplar Ave Memphis, TN 38119
(901) 761-9700