- This class has passed.
“Understanding Down Payment Assistance Programs” Workshop 6/11/20 (English)
June 11 @ 12:00 pm - 1:00 pmFree
Understanding Down Payment Assistance Programs
Down Payment Assistance programs (DPA), also called Homeownership Assistance Programs (HAP) or Homebuyer Purchase Assistance Programs (HPA) provide a specific amount of money to qualified first time buyers.
This class will help lenders and realtors who are not very familiar with these programs understand the eligibility requirements for the buyer and the property. In this class, the participant will learn the sources of the money used for DPAs/HAPs/HPAs and how to help their customers qualify for the money. Lenders, realtors, tenants who are tired of renting, and first time homebuyers are welcome to sign up.
Down payment assistance money needs to be treated as a loan not a grant. When it’s a forgivable loan, the buyer is not required to pay it back only if all conditions are met. Then, it’s released. However, it would have to be paid in full or a pro-rated amount will be required to be paid if it’s a non-forgivable loan or if the buyer no longer meets the conditions before a specific time. It’s called a subsidy or a non forgivable second mortgage.
The more lenders and realtors understand about DPAs, the more money they will help homebuyers save.
If you have any questions, please call 305-751-5511 x 0