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  • Writer's picturePeter Seroter

Your Path to Homeownership: Exploring Proprietary Down Payment Assistance Programs

Are you dreaming of owning your first home but struggling to gather enough funds for a down payment? Fortunately, there are innovative down payment assistance programs available to help you achieve your homeownership goals. Let's explore two exceptional options: the Empowered DPA Program and the SmartBuy Down Payment Assistance Program.

Empowered DPA Program Overview:

- Flexible Assistance: Whether you prefer a 5-year forgivable DPA or a 30/10 repayable option, the Empowered DPA Program offers flexibility to suit your financial needs.

- Loan Product Compatibility: This program seamlessly integrates with various FHA loan programs, including FHA 203(b), FHA 203(k) Limited and Standard, and FHA Repair Escrow, providing you with a wide range of loan options.

- Eligibility Criteria: Designed to accommodate different borrower circumstances, the Empowered DPA Program offers eligibility categories such as first-time homebuyer status, current/retired employment or volunteer income, or residency in an underserved census tract.

- Credit Score Requirement: With a minimum FICO score of 580 for Approve/Eligible and 620 for Refer/Eligible, this program welcomes borrowers with diverse credit profiles.

- Income Limit: Your income must be equal to or less than 140% of the state or county median income to qualify for this program.

SmartBuy Down Payment Assistance Program Overview:

- Versatile Assistance Options: Whether you opt for a 5-year forgivable DPA, a 30/10 repayable option, or a repayable closing cost assistance option, the SmartBuy Program provides versatile assistance tailored to your needs.

- Loan Product Compatibility: Compatible with FHA 203(b) and 203(c) loans, as well as USDA loans for purchase transactions, this program offers flexibility in loan product selection.

- Eligibility Criteria: Based on FHA or USDA program guidelines, the SmartBuy Program has no income restrictions beyond USDA guidelines, making it accessible to a broader range of borrowers.

- Credit Score Requirement: With a minimum representative score of 620 for all borrowers, this program welcomes individuals with varying credit histories.

- Property Locations: Available in all states except New York and Delaware, the SmartBuy Program opens doors to homeownership in diverse locations.

Benefits of Both Programs:

1. Assistance Flexibility: Whether you prefer a forgivable or repayable option, both programs offer flexibility to suit your financial preferences.

2. Loan Compatibility: With compatibility across multiple FHA loan programs, you have access to a diverse range of loan options tailored to your needs.

3. Eligibility Accommodation: Both programs offer eligibility criteria that accommodate various borrower circumstances, ensuring inclusivity in homeownership opportunities.

4. Opportunity for Forgiveness: With the potential for forgiveness after a specified period, both programs incentivize responsible homeownership and long-term financial stability.


As a mortgage broker with Barrett Financial Group, I am committed to helping you navigate the complex landscape of homeownership. Whether you choose the Empowered DPA Program or the SmartBuy Down Payment Assistance Program, rest assured that you'll receive personalized guidance and support every step of the way.

Contact me today at or 844-786-1865 to explore these exceptional down payment assistance options and embark on your journey to homeownership.

Peter Seroter

NMLS 997692

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