How the Down-Payment Assistance Program Can Help You

With most First-time homebuyers, you have the Credit and you have the Income, but you just haven't saved that 3.5%, 5%, or 20% that banks usually want you to have.  You are not alone.

Actually, you are in a boat with a lot more people than you think.  You have access to what is called the DAP Loan (Downpayment Assistance Program).  This remains the secret gem of the mortgage programs that not a lot other than those "in the know" take advantage of.

So, imagine the house you are looking to buy requires 3.5% of the sales price to be put down.  The DAP Loan will provide the 3.5% and all of the closing costs for you and wrap it all into a 2nd "mini" mortgage that you'd pay off over 30 years at the same, fixed, interest rate.  Both are paid to McCue.  If you ever feel like paying off one of the mortgages first, there are no prepayment penalties.  This is a program that I've seen many use, including newlyweds, recent college and high school grads, as well as those just ready to get out of Mom and Dad's house.  

Have you heard of this "secret" DAP Loan Program?

Keith Turner
860-444-0650
KeithT@mccuemortgage.com