Arrive Home
DPA
Arrive Home Down Payment Assistance (DPA): This program offers borrowers the opportunity to receive up to 5% of the purchase price of their new home as down payment assistance (DPA). This assistance can be applied towards the down payment, closing costs, and prepaids associated with the home purchase. Notably, the DPA is exclusively available for FHA 30-year fixed-rate mortgages. It manifests as a second lien, presenting two distinct options:
Option 1.) 3.5% of the purchase price, which is forgiven after 36 consecutive, on-time first mortgage payments
Option 2.) 3.5% and 5% of the purchase price, which is repayable over 10 years at 2% higher than the first mortgage.
This program aims to help individuals arrive at the milestone of homeownership by easing the financial burden of the initial costs involved in buying a house.
Arrive Home
EEP
Arrive Home Earned Equity Program (EEP): What is the concept behind the Program? Instead of securing a mortgage loan, participants engage in a lease arrangement with the option to purchase a home.
Over the span of a 10-year lease term, customers make consistent monthly lease payments. Within this 10-year period, customers retain the flexibility to exercise their option to buy the home at a predetermined price established at the lease’s initiation. This 10-year lease duration provides customers the opportunity to enhance their credit score, address any hindrances to qualifying for a home loan, and ultimately acquire the property outright through a traditional mortgage loan. Additionally, a portion of the monthly lease payment is deemed as credit, resulting in a reduction of the future home purchase price.
The Program functions as a means to bridge the gap between renting and homeownership, catering to those who might not currently meet the criteria for a mortgage loan. Additionally, a portion of each monthly lease payment is earmarked as credit towards the future option exercise and home purchase.
"Loans are what we do, not who we are."- CEO, Steve Jacobson
to get started?
Take a look at our loan checklist page here to find out what you need to start working towards your dream of home ownership today!
This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.
The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.
Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.
Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.
After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.
“Loans are what we do, not who we are.”
– CEO, Steve Jacobson
"Loans are what we do, not who we are."- CEO, Steve Jacobson
"Loans are what we do, not who we are."- CEO, Steve Jacobson
"Loans are what we do, not who we are."- CEO, Steve Jacobson