Making dreams come true
with Down Payment Assistance mortgages
We don’t think that saving for a down payment should be the reason you put your dreams on hold. CHM can help you purchase your dream home with almost no cash due at closing utilizing an approved Down Payment Assistance (DPA) program. You’ll not only be able to afford a home sooner, you’ll probably be able to afford more home. With down payment assistance, the amount of loan you can qualify for is determined by your ability to make your monthly payments rather than how large a down payment you’ve saved. And, for most buyers, this means qualifying for a larger loan.
Buying a home is something we all dream about, usually for years. You may have saved money for a down payment but DPA may allow you to use that savings to pay down other debt and qualify for a higher purchase price. A repayable 2nd lien mortgage may be a great option which is different than a down payment grant. A 2nd lien repayable down payment assistance loan is actually two mortgages that can provide up to 6% of the sale price of your home, following a first mortgage up to 96.50% of the purchase price. The repayable second mortgage covers the shortfall between the purchase price and first mortgage loan amount, plus could be used for closing costs and most prepaid items paid at closing.
Let us assist to explore all your mortgage options!
Not all applicants will qualify, subject to change at any time and will require underwriting approval including qualifying credit, income and appraisal eligiblity.