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DPA

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Anonymous
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DPA

are all the down payment assist programs ending this month?
 
we r home owners in the north dallas area (allen) and r going to lease our current home out in 4 to 6 months (switching from our current fha to a conventional so we can get an fha on our new home)and buy a new home for our growing family...we will need the down pay assist...
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: DPA

You are probably out of luck.
 
Seller funded DPA programs are ending this month and most sellers and banks are very hesitant to accept offers using it right now because if anything slows down escorw it will ended falling out of escrow due to time constraints.
 
Also, local DPA programs probably will not work as they are primarily for 1st time homebuyers.
 
Last, if you don't have equity in your current home and/or can not qualify for both mortgages on your current income (not rental income counted) then you may have problems qualifying.  So many people went out and bought homes and then walked away from homes that second home loans are getting very hard to get without high FICO, high DP, and reserves.  Also, unless you can prove income history from the "rental unit" they are balking at counting income from it.  Seeing how you live in your home now it will be hard to show rental income on it.
 
Talk to a broker as everyone's individual situation is different. 
Message 2 of 5
Anonymous
Not applicable

Re: DPA

thanks for the info....we do have equity in our home we had it on the market  for about 2 months this last march and april but i was pregnant with our last two children(twins) and hated showing the house...we got the idea of keeping our current home from our home broker because houses are not selling for what they r worth "wether they r worth it or not" ...my middle score is 660...and we make enough money...we just really need the dpa!!
 
oh well ...when things change you have to change with it...thanks again
Message 3 of 5
DallasLoanGuy
Super Contributor

Re: DPA

check with the city of allen or collin county to see if there are any bond programs that you qualify for.
 
Retired Lender
Message 4 of 5
Anonymous
Not applicable

Re: DPA

dallas...thanks ive been talking to my dh about you and went to your web site...dont be surprised if you hear from us in the future....
Message 5 of 5
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