Program Overview
The FirstPlus Second DPA (also known as the Own a Home Opportunity) is designed to make homeownership accessible by covering your upfront cash requirements. It pairs a standard mortgage with a special assistance loan to bridge the gap.
The First Mortgage
A standard 30-year fixed-rate mortgage. You can choose from FHA, VA, USDA-RD, or the conventional Freddie Mac HFA Advantage.
The "Silent" Second
This is your down payment assistance. It is a 0% interest, deferred second mortgage. It covers your cash-to-close requirements so you don't have to deplete your savings.
How Much Assistance?
Lender Guidelines (2025): Up to $10,500 for Lee County.
Note: The public HFA website may list $10,000, but lender rate sheets reflect the current $10,500 cap.
The "Fine Print" on the Money
0% Interest
You will never pay a dime of interest on the second mortgage. The balance remains flat for the life of the loan.
30-Year Deferred
No monthly payments are required. The loan sits silently behind your first mortgage.
Not Forgiven
Crucial: This is a loan, not a grant. It must be repaid if you sell, refinance, transfer title, or rent the home.
What You CAN Use It For
- ✔ Down payment requirement
- ✔ Closing costs (title, recording fees)
- ✔ Pre-paids (escrows for taxes/insurance)
- ✔ Mortgage Insurance premiums
- ✔ Reimbursement of earnest money (within rules)
What You CANNOT Use It For
- ✘ Paying off credit card/personal debt
- ✘ Cash back to the borrower (surplus)
- ✘ "Extra" funds beyond reimbursable fees
Who Qualifies? The Rules That Matter
1. First-Time Buyer Requirement
You generally cannot have owned a home in the last 3 years.
Important Exception: If you buy in a designated "Targeted Area" or are a qualified Veteran (documented via DD214), this requirement is waived.
2. Credit & DTI
- • Minimum FICO: 640
- • Max DTI: 45%
- • Must meet standard FHA/VA/USDA underwriting
3. Income Calculation (Critical)
Unlike many other programs, this uses 1003 Qualifying Income for the borrower only.
Do NOT include:
- Non-purchasing spouse income
- Co-signer income (if they don't live in the property)
4. Primary Residence
Must be your primary residence. You must occupy the home within 60 days of closing.
2025 Limits: Income & Purchase Price
| Loan Type | Income Limit (Borrower Only) | Purchase Price Limit |
|---|---|---|
| FHA / USDA-RD / VA | $142,950 |
$544,233 (Non-Targeted) $665,173 (Targeted) |
| Freddie Mac HFA Advantage | $74,000 (≤80% AMI) |
*Income limits are for qualifying income only. Purchase price includes everything paid by or on behalf of the buyer.
Co-Signer Rules
Co-signers are permitted (following Agency guidelines), but strict rules apply:
- Cannot be on the mortgage/deed (no ownership interest).
- Cannot live in the property.
- Their income does not count towards program income limits.
- They do not sign program documents.
Homebuyer Education
The HFA public site lists education as "recommended," but your lender or specific loan product (e.g., Freddie Mac HFA Advantage) may require it.
It is smart to plan on completing a HUD-approved course to avoid last-minute conditions.
Process & Timeline
Underwriter Certification
Within 15 days of reservation. Your file is reviewed for compliance early.
Closing Disclosure (TRID)
Note: You will sign a specific "DPA Loan Disclosure Form" for the second mortgage, not a standard Loan Estimate. This is normal for this program.
Loan Purchase
The entire cycle is designed to complete within 70 days from reservation to loan purchase.
Should You Use This?
You are a strong candidate if:
- You qualify for FHA, VA, USDA, or Freddie Mac HFA loans.
- Your credit score is 640+ and DTI is under 45%.
- You are okay with a deferred loan that must be repaid upon sale (vs. waiting 5-10 years for forgiveness).