This is a 4% grant with a rate at 5.75%. You can find the targeted areas here! https://www.arcgis.com/home/
Example of how this can work: I had a Broker in Dallas that had a borrower that needed DPA but was over the regular DPA income limit. So, we structured the loan with “Targeted Area Income Limits” (higher) and told the realtor to find them a house in a targeted area. It worked great and the borrower was happy.
If you receive money from the State or a County sponsored organization for providing foster…
I wanted to address the two most common questions that I get regarding reverse mortgages……
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