WE DeKalb’s Homeownership Program offers down payment assistance to approved homebuyers. This program provides a 30-year, fixed-rate, fully amortized first mortgage and a non-repayable down payment assistance (DPA) grant. The amount of the grant is equal to 1 percent, 2 percent, or 3 percent of the initial principal balance of the mortgage, depending on the selected mortgage rate. The grant can be used for down payment and/or closing cost assistance. Here’s what you need to know about the program’s qualifications and guidelines.
Learn more about the We Dekalb Downpayment Assistance program now.
Programs and Eligibility
The WE DeKalb Homeownership Program offers three types of mortgage loans: FHA, VA, and Freddie Mac HFA Advantage (conventional). Each program has different eligibility requirements.
To qualify for an FHA loan, you must have a minimum FICO score of 660 and a maximum debt-to-income (DTI) ratio of 45% or 50% DTI with a minimum 680 FICO score. The maximum qualifying income for households of all sizes is $134,960, and the maximum mortgage limit is $472,030.
To qualify for a VA loan, you must have a minimum FICO score of 660, a maximum DTI ratio of 45%, and a maximum qualifying income of $134,960. The maximum mortgage limit for a VA loan is $726,700.
Freddie Mac HFA Advantage (Conventional):
To qualify for a Freddie Mac HFA Advantage loan, you must have a minimum FICO score of 640 and a maximum DTI ratio of 45% with a minimum 640 FICO score or 50% with a minimum 680 FICO score. The maximum qualifying income is $134,960, and the maximum mortgage limit is $726,700. Note that the mortgage rates for the program will be the same or slightly above the market mortgage rates, depending on the selected DPA grant option. Rates will change periodically.
Talk to a local real estate agent about We Dekalab and other downpayment assistance grants.
Qualifications and Guidelines
To qualify for the WE DeKalb Homeownership Program’s assistance down payment program, you must meet the following guidelines:
- No first-time homebuyer requirement, but it is recommended in some cases.
- Cannot be combined with another first-mortgage product.
- Must be residential property.
- Must be owner-occupied.
- The property must be in DeKalb County.
- New or existing 1-4 attached or detached units, condos, townhomes, and homes that meet service/ guarantor requirements are eligible.
- No pre-payment penalty. Standard agency guidelines still apply.
The WE DeKalb Homeownership Program does not cover the following:
- Recreational, seasonal, or other types of vacation or non-permanent homes
- Buydown financing
- Construction-to-permanent financing.
Get More Information About Downpayment Assistance
We are Realtors.
WE DeKalb’s Homeownership Program provides an excellent assistance down payment program for homebuyers who need financial support. With a non-repayable down payment grant and affordable mortgage rates, this program can help you achieve your dream of homeownership. To learn more about the program and its eligibility requirements, visit WE DeKalb’s website or contact them directly.
*We are not affiliated with Dekalb County. We are independent Realtors.
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