Down Payment Assistance

SMARTBUY Downpayment Assistance Program

w/ 5 yr Forgivable 2ndMortgage

• Both USDA RD and FHA loan types are eligible.
• Minimum 620 Credit Score
• No Interest or Payments
• If the mortgage is current the 2nd mortgage is forgiven after 60 payments.
• If mortgage is paid-off before 60 payments, the DPA is due and payable.
• Downpayment Assistance Amount is 3.50% of the loan amount.
• DPA Funds may used to fund 100% of the required funds to close, including:

1. Downpayment
2. Closing Costs
3. Pre-Paid escrow items
4. Any other mortgage related costs