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WCDA Down Payment Assistance Loan (Amortizing)

The Down Payment Assistance Program provides assistance with down payment and closing costs for borrower’s utilizing our Advantage and HFA Preferred Products. This program places a second mortgage on the property up to $10,000. If the borrower is a first time homebuyer, they are required to take both our regular Homebuyer Education Class and the One-on-One Counseling class. These loans are offered in conjunction with WCDA first mortgage purchase loans through WCDA participating lenders only.

  • $1,500 required contribution

  • Maximum loan amount - $10,000

  • A fixed interest rate of 3.75%

  • Term of up to or equal to 10 years

  • Amortized monthly payment based on loan amount, interest rate and term (WCDA does not impose a minimum payment requirement)

  • FICO score of 620

  • May fund down payment, closing costs, prepaid items and inspections

  • Maximum DTI of 41%

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