For many prospective homebuyers in Jacksonville, Florida, the challenge of saving for a substantial down payment can be a significant hurdle on the path to homeownership. However, the Boost DPA (Down Payment Assistance) program offers a solution that can make the dream of owning a home more attainable. In this blog post, Phil Aitken and the team at Your Home Sold Guaranteed Realty - Phil Aitken Home Team explore the key features and benefits of this innovative program, designed to assist Jacksonville residents in overcoming the down payment obstacle.
Key Takeaways:
- The Boost DPA (Down Payment Assistance) program in Jacksonville, FL provides financial assistance to eligible homebuyers to help cover down payment and closing costs. It offers refinancing flexibility after just 6 months and supports interest rate buydowns.
- The program has two options: a repayable down payment assistance loan paid back over 15 years, or a forgivable grant that does not need to be repaid if certain conditions are met over time. It allows for seller/builder concessions as well.
- Boost DPA has flexible eligibility requirements, including no first-time homebuyer or income restrictions. Eligible properties include 1-4 unit homes, condos, townhomes and manufactured homes. The minimum credit score for FHA loans is 580.
The Boost Down Payment Assistance Programs
Special Down Payment Assistance (DPA): Don’t Have a Big Down Payment? Purchase Your Home With 1% Down. You put 1% down and your lender pays an additional 2% for a total of 3% down. Call or Text Phil Aitken at (904) 544-5252 To Learn More…
The Boost DPA program is a comprehensive initiative that provides financial assistance to eligible homebuyers, helping them secure the necessary funds for a down payment and closing costs. Here are some highlights that make this program stand out:
1. Refinancing Flexibility:
One of the standout features of the Boost DPA program is its refinancing flexibility. Homebuyers can refinance their mortgage just six months after the initial purchase, allowing them to take advantage of improved financial conditions or lower interest rates much sooner than with many other programs.
2. Buydown Options:
The program supports interest rate buydowns, including 1/0 and 2/1 buydowns. This feature means that homebuyers can enjoy lower initial monthly payments, making homeownership more accessible from the start.
3. Repayable and Forgivable Options:
The Boost DPA program offers two distinct options for down payment assistance:
– Repayable Option: This option provides down payment assistance that can be repaid over 15 years, offering a structured repayment plan without immediate financial burden.
– Forgivable Option: With this option, the down payment assistance converts into a grant that does not need to be repaid if the borrower stays in the home and continues to meet certain conditions over a specified period.
4. Seller and Builder Concessions:
The program allows for seller or builder concessions, which can be used to cover closing costs or buydowns, further reducing the initial amount that a buyer needs to bring to closing.
5. Wide Property Eligibility:
Eligible properties under the Boost DPA program include 1-4 unit homes, condos, townhomes, and even double-wide manufactured homes. This inclusivity ensures a broad range of housing options for applicants.
6. No First-Time Homebuyer Requirement:
Unlike some other down payment assistance programs, the Boost DPA is available to both first-time and repeat buyers, making it an excellent option for anyone looking to purchase a home in Jacksonville, regardless of their previous homeownership status.
7. Comprehensive Underwriting Flexibility:
While adhering to FHA and USDA guidelines, the Boost DPA offers added flexibility in underwriting, making it easier for borrowers with unique financial backgrounds to qualify.
8. Low Minimum Credit Score Requirement:
With a minimum credit score requirement as low as 580 for FHA loans, the Boost DPA program is accessible to a wider audience, especially those working on building their credit.
9. No Income Restrictions:
There are no strict income restrictions, allowing individuals and families with varying income levels to potentially qualify for the program, provided they meet other financial criteria.
By leveraging the Boost DPA program, Jacksonville residents can overcome one of the most significant barriers to homeownership – the down payment. With its flexible options, comprehensive eligibility criteria, and financial assistance, this program empowers more individuals and families to make their homeownership dreams a reality.
Call Phil Aitken to get Down Payment Assistance
If you’re a prospective homebuyer in Jacksonville and interested in exploring the Boost DPA program, it’s recommended to consult with a qualified mortgage professional with extensive real estate experience, such as Phil Aitken, who can guide you through the mortgage loan application process and ensure you take advantage of all the available benefits.
With access to over 220 lenders that have hundreds of loan products, these lenders compete for your business. This includes down payment assistance programs.
Faster, Cheaper, and Easier Mortgage Loan Process:
You can confidently take the first step toward owning your dream home.
Faster
- Get pre-approved in minutes.
- Closings on average in 20 days or less.
Cheaper
- 1% and 3% down options.
- Borrower Assistance Programs
- Savings that average over $9,400 versus large banks and retail lenders
Easier
- User-friendly technology allows you to track the status of your loan throughout the process
Call or text Phil Aitken today at (904) 544-5252 and discover how the Boost DPA program can unlock the door to homeownership in Jacksonville. Phil’s team of professionals will guide you through every step, ensuring a seamless and stress-free mortgage loan process and experience. Don’t wait – call now and start building your future as a proud homeowner in the vibrant city of Jacksonville.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!