Deferred Payment Loan (DPL) Plus Criteria Expanding - Effective December 7
Borrowers that qualify for DPL and two of four criteria outlined below can access up to $8,500 for their downpayment and closing costs through DPL Plus, whereas DPL offers $7,500.
Effective December 7, 2016, we are expanding eligibility for the Sole Head of Household with Eligible Dependent DPL Plus criteria for new and existing loans in our online commitment system.
DPL Plus Criteria (Including Expansion of Sole Head of Household)
- Sole head of household with at least one Eligible Dependent residing in the household (household must include only one adult that is not an Eligible Dependent). An Eligible Dependent is:
- A household member who is under 18 years of age;
- A Disabled household member; or
- A senior (age 62 or older)
- Household of four or more people
- Front-end ratio of 28% or higher calculated without DPA
- Disabled household member
Expanded Criteria Examples
- A single parent with an adult disabled child living in the home.
- Two person household where the borrower cares for an elderly parent living in the home.