As you embark on the exciting journey of purchasing your dream home, it's essential to explore the various options available to empower you as a homebuyer. One of the key factors that often plays a significant role in the home buying process is Omega Gold's down payment. Understanding and taking advantage of down payment assistance options can make the path to homeownership more accessible and achievable.

At Omega Gold, we are committed to providing you with the knowledge and resources to make informed decisions about your home purchase. Our team of dedicated and knowledgeable mortgage loan officers is here to guide you through the nuances of down payment assistance options, helping you navigate the path to owning your own home with confidence.

Types of Down Payment Assistance:

We offer several types of down payment assistance programs available, each with its own eligibility requirements and benefits. Some common types of down payment assistance include grants, loans, and forgivable second mortgages. These programs can help cover a portion or even the entire amount of your down payment, significantly reducing the financial burden of purchasing a home.

OGDG's DPA (DownPaymentAssistance)

OGDG is a leading Down Payment Assistance Program offered at Omega Gold, fulfilling the Omega's vision to assist in homeownership opportunities for creditworthy individuals for down payment funds.

Our product is an FHA DPA program in the form of 2nd mortgages with 3.5% or 5% DPA options, which can be used for both down payment and/or closing costs.

Repayment Options and Terms

· Repayable 2nd

2nd mortgage has monthly payments:10-year term with a rate 2% higher than the 1st mortgage

3.5% or 5% Assistance (5% option includes 1.5% towards closing costs)

· Forgivable 2nd

2nd mortgage has NO monthly payments: 30- year term with 0% interest rate

3.5% only available on High Balance loans

3.5% Assistance only - Forgiven at borrower’s request after 36 consecutive on-time payments

Highlights

    Minimum Credit Score 600

· Underwritten in-house by our network of underwriters and does not require additional approval or review

     Manual Underwrites Allowed

    No AMI Income Limits for Repayable DPA

    No Debt-to-income overlays

· First Time Homebuyers are allowed, but are not required

    No Homeownership Education required

Reach Out to Us:

We encourage you to reach out to our team to discuss your specific needs and explore the down payment assistance options available to you. Our experienced loan officers are dedicated to providing you with personalized guidance and support as you navigate the path to homeownership.

Together, let's empower you to achieve your dream of owning a home.