Down Payment Assistance Programs

Mortgage Down Payment Assistance Programs

Based in New York City for Over 15 years, BFR is an expert in mortgage financing. We have lenders offering down payment assistance programs for qualified borrowers.

BFR works with Lenders offering FHA Down Payment Assistance Programs. Some features include:

  • No First Time Home Buyer Restrictions
  • 640 Minimum Credit Score
  • Lesser of FHA County Loan Limit or $510,401
  • 140% Area Median Income
  • Manufactured Housing
  • 1 - 4 Units

FHA Down Payment Assistance Program (DAP) is a competitively priced government loan program that does not require a minimum down payment from a borrower. Our lenders have options ranging from a range of 3%, 4% 5% or 6% in down payment assistance!

Manual underwriting is allowed and must meet FHA Manual Underwriting Requirements. Borrower qualifications also must meet our third-party lender’s underwriting guidelines.

Additional Program Benefits:

  • Down payment assistance - up to 5% of the loan amount in the form of a soft second, 0.00% interest, forgiven after 3 years
  • Can be used for down payment and/or closing costs
  • Seller Credit of 6% is allowed
  • Gift funds are allowed
  • FHA, USDA, VA programs
  • Not limited to first-time homebuyers
  • No sales price limits
  • 30 Year fixed rate loan term
  • Income limits apply
  • Types of properties allowed: single family, condo, and manufactured

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