The Good, The Bad, And The Ugly Of Down Payment Assistance

Here is a quick video discussing various down payment assistance programs and the pros and cons.

A high overview - including some requirements, pros, and cons, for a small handful of down payment assistance options. I discuss theNADA, DPA Advantage, USDA, and GSFA Opendoors program. There are other down payment assistance programs such as the CalHFA MyHome program, Chenoa, Opendoors, My Choice Texas Home, and My First Texas Home. Feel free to reach out if you have any questions on the home buying process or to see if you can qualify for these first time buyer/down payment assistance programs.

Please note: The USDA does not set a minimum credit score requirement, but most lenders require a score of at least 640, which is the minimum score needed to qualify for automatic approval using the USDA's Guaranteed Underwriting System (GUS). GUS is the USDA's automated underwriting system, which automates the process of credit risk evaluation.

#mortgage #downpaymentassistance #fha #firsttimehomebuyer #calhfa #gsfa #chenoa