Guidelines: Down Payment Assistance (DPA)
Details / Terms:
- 3% of the purchase price or appraised value.
- Can only be used for closing costs.
- VA Non Allowable Costs that seller must pay CAN NOT be paid from DPA.
- CALVET does not offer lender credit to pay fees like outside lenders.
- DPA Funds CAN NOT be used for Debt payoff
- Available with CALVET LOAN Program
Other Benefits For DPA Loans:
- No payment considered in qualifying ratios
- Same note rate as the first CALVET 30 Year Loan
- Silent Second Loan for the 1st 10 years with no payment. Interest is deferred to principal
- Repayable over the last 20 years of the fixed note using fully amortized monthly payment
- Balance of DPA is due upon any refinance, sale, early payoff or default