The most dreaded part of applying for a mortgage is all the paperwork. Mortgage documentation requirements are more stringent than ever and every “T” must be crossed and every “I” dotted.

You do not have to be Bill Gates to get a mortgage, however, mortgage requirements have tightened up considerably. Unless you are a vet applying for a VA mortgage, 100% financing is gone.

In my previous 2 Blogs on DPA, I discussed and tried to dispel some of the myths surrounding down payment assistance. In addition, I highlighted some of the key factors in determining what it takes to qualify for DPA. Today, I will address who are the agencies out there who offer DPA and how doing a little research can help in deciding which program you should consider and how to find out if your lender works with that agency.

In my last post, I discussed that the MAJORITY of first time home buyers are eligible for DPA here in Colorado. In this post, I am going to talk about what are the qualifications for DPA. You will be surprised how easy it is to qualify and it is not that restrictive in order to get your piece of the DPA pie.

So you think you want to buy a home. You have a good job and reasonably good credit but you don’t have the 3.5, 5%, or 10% down payment that is required in order to purchase these days. You’ve heard rumors about different down payment assistance programs (DPA) and how you can get in for as little as $100 or $1000.

HUD announced this week several major changes for FHA loans later this year. Some of this items will not go into effect for several months but are worth noting. Overall, HUD is doing the right thing to keep themselves in business and help consumers be able to purchase homes.