Down Payment Assistance Program!
Good credit, good income but need help with a down payment?
. . . check out the SCL DPA Program!
SCL Mortgage is proud to introduce you to the SCL Down Payment Assistance Program (DPA)!
Want to buy a house and have a minimum credit score of 640, qualifying income, some cash for out of pocket expenses*, but need help with a down payment?
Then SCL may be able to help! Our DPA can provide between 2% – 6% of the loan amount toward your down payment on your new home.
The DPA is used in conjunction with a FHA or VA loan.
Available for single family homes, condos and Planned Unit Developments (PUD).
No upper income limits and not limited to first time buyers!
This loan is eligible for 100% forgiveness after 5 years prorated 20% each year!
This DPA loan does not even have a payment associated with it!
*Do You Qualify? You will need . . .
🗸 FICO score of 640 or higher
🗸 $5000 to $7000 cash needed to fund your escrow account and to pay for third party closing costs.
🗸 Qualifying income for home price – see examples below
Home price of $450,000 requires approximate household $84,000 income to qualify.
Home price of $250,000 requires approximate household $64,000 income to qualify.