Ross Mortgage News

Receive 3.5% Down for Your Dream Home with Down Payment Assistance

on
October 14, 2021

An exciting new program is making it easier for you to get your dream home faster and with more money in your pocket. Geared toward homebuyers who may need help coming up with down payment or closing costs, the Ross Mortgage Down Payment Assistance Program (DPA) can turn you into a homebuyer today!

 With Ross Mortgage DPA, homebuyers will have the opportunity to receive 3.5% of their dream home’s purchase price or appraised value (whichever is less).  The amount they receive can be used for the down payment or closing costs.

 

Here are some additional benefits that come with down payment assistance:

You do not need to be a first time homebuyer

Down payment assistance programs normally require you to be a first time homebuyer; however, this new program does not have this requirement. There are also various first mortgage options this program can be tied to, including FHA and USDA loans.

There is no sales price limit

The maximum loan amount is $356,000+ with a standard FHA loan. This means that at 3.5% with down payment assistance, you will receive $12,400 toward your down payment or closing costs. That is a huge chunk of change!

There is a generous income limit

Typical down payment assistance programs have income limits that are very small and do not allow you to afford your dream home.  With the new down payment assistance program, we can go up to 160% for the median income, which opens the options up to many more homebuyers.

There is no payment due on the DPA

There is no additional payment due on the funds received from the down payment assistance.  The DPA is paid off when you sell the home or refinance with Ross Mortgage.

 

At Ross Mortgage, we believe everyone deserves the opportunity of homeownership. Our personal approach to lending has helped us earn the trust of Michigan homebuyers for more than 70 years. We treat each loan as if it were our own and work closely with buyers to find a customized financing solution that’s tailored to their needs.

Contact us today to find out if you’re eligible to receive financial support through our NEW down payment assistance program.

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