WE DeKalb Program Overview
Approved homebuyers will receive a 30-year fixed-rate fully amortized first mortgage and a non-repayable down payment assistance (DPA) grant equal to 4% or 5% of the initial principal balance of the mortgage. The amount of assistance depends on the selected mortgage rate. The grant can be used for down payment and/or closing cost assistance. General program guidelines are provided below.
General Guidelines: o Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically. o Maximum qualifying income - $81,900 (families of 2 or less) and $95,600 (families of 3 or more); o Eligible VA and FHA loans; o FHA mortgage limit is $342,700; o VA mortgage limit is $417,000; o Minimum FICO score of 660; o 45% debt-to-income (DTI) ratio; o No first-time homebuyer requirement; o Residential property; o Owner-occupied; o Property must be located in DeKalb County; o New or existing 1-4 units detached or attached, condos, town homes, and homes that meet service/guarantor requirements are eligible; o No prepayment penalty; and o Standard agency guidelines still apply. Non-eligible: o Recreational, seasonal, or other types of vacation or non-permanent homes; o Buy downs are not permitted; o Cosigners are not permitted; and o Construction to perm is not permitted.
Approved homebuyers will receive a 30-year fixed-rate fully amortized first mortgage and a non-repayable down payment assistance (DPA) grant equal to 4% or 5% of the initial principal balance of the mortgage. The amount of assistance depends on the selected mortgage rate. The grant can be used for down payment and/or closing cost assistance. General program guidelines are provided below.
General Guidelines: o Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically. o Maximum qualifying income - $81,900 (families of 2 or less) and $95,600 (families of 3 or more); o Eligible VA and FHA loans; o FHA mortgage limit is $342,700; o VA mortgage limit is $417,000; o Minimum FICO score of 660; o 45% debt-to-income (DTI) ratio; o No first-time homebuyer requirement; o Residential property; o Owner-occupied; o Property must be located in DeKalb County; o New or existing 1-4 units detached or attached, condos, town homes, and homes that meet service/guarantor requirements are eligible; o No prepayment penalty; and o Standard agency guidelines still apply. Non-eligible: o Recreational, seasonal, or other types of vacation or non-permanent homes; o Buy downs are not permitted; o Cosigners are not permitted; and o Construction to perm is not permitted.
