Down Payment Assistance (DPA) Loans
Enterprise Bank & Trust has access to a variety of down payment assistance programs that can assist borrowers who may have limited assets.
Housing Finance Agencies (HFA): Every U.S. state has a governmental housing authority that makes mortgages to borrowers who meet income limitations and also provide funds for the borrower's down payment. Many of these programs also require that the borrower qualifies as a first-time homebuyer. Down payment funds are usually provided via a second mortgage on the property or via a direct grant. In both cases, the lien or grant is forgiven after a period of time (ranging from five to ten years, depending on the state) and may be “recaptured” by the state agency if the property is sold before that time.
Each down payment assistance program may have specific income and location restrictions. Your Enterprise Bank & Trust Loan Officer can assist you to determine the best down payment program for your situation.