2020 HUD Income Limits – Area Median Income for Families
Family Median Income Limit
One of our customers, a veteran, achieved homeownership after a long journey serving in the Marines. Read the story>>
DPA loans can be applied to part or all of the down payment and/or closing costs.
Funds may not be used to pay down personal debts.
Borrowers may not receive cash back.
If Veterans have no down payment, these funds can be used for a down payment
Funds can also be added to increase an existing down payment
Funds can be used for closing costs, including the VA funding fee
DD-214 is required
Repayment – The loan becomes payable in full upon sale, transfer, refinance, or when the borrower no longer occupies the home as their primary residence. Amount – up to $10,000 Interest Rate – no-interest Monthly Payment – no monthly payment Subordinations - NeighborWorks Umpqua may agree to a subordination for rate/term refinances that show a clear benefit to the borrower. We will not subordinate for a cash-out refinance. Transfer – This loan is not assumable by another party
How to Apply on behalf of a borrower:
Ensure borrower meets eligibility standards described above