The old playbook of financing mainly single-family, site-built homes is getting a radical makeover, and we’re pleased to note that, looking at the numbers, down payment assistance (DPA) programs are leading this charge, allowing buyers to use funds to purchase manufactured homes, multi-family properties and newly constructed homes.

Lenders can use DPA to reduce a homebuyer’s loan-to-value (LTV) ratio by an average of 6%, significantly improving loan qualification rates for first-time mortgage-ready buyers. Beyond the down payment, many DPA programs also help cover closing costs, prepaid items, interest rate buydowns, mortgage insurance premiums, and even the buyer’s agent commission. In details ⇒

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