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Down Payment Assistance Loans

Broker Reference Manual

Down Payment Assistance Programs

Prepared for Bri Newkirk, NMLS 1360051 · August 23, 2026

Eleven programs. Four investors. One decision.

A practical reference for comparing down payment assistance options, understanding how each structure works, and routing borrowers to the program that best fits their credit, income, property and timeline.

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Assistance is not the same as free.

Down payment assistance can be structured as a repayable second mortgage, a forgivable soft second, or a true grant. The structure matters because it can affect payment, debt-to-income, refinance options, liens and the borrower’s long-term cost.

Structure 01

Repayable Second

A recorded fixed second mortgage that is amortized and generally has a monthly payment from month one. It can count in DTI and is typically due upon sale or refinance.

Structure 02

Forgivable Soft Second

A 0% recorded second with no scheduled payment that can be forgiven after a required period or payment-performance test. Early sale or refinance may trigger repayment.

Structure 03

True Grant

Assistance provided as a grant with no note or lien. These programs generally have tighter eligibility rules and may include short recapture windows.

The Program Families

11 programs across four investors

Use the program family as the starting point, then compare the specific structure, credit threshold, property rules and forgiveness requirements.

MortgageOne TPO

Turbo · FHA assistance at 3.5% or 5%; repayable only under the current manual.

Dynamo · FHA true grant at 2.5% or 3.5%, including a 580 FICO option.

Orion Lending

Boost FHA / USDA · Repayable and forgivable options.

Elevate Grant FHA / Conventional · True grant structures.

Aurora · FHA repayable or forgivable assistance.

PRMG

NHF National FHA · Repayable or forgivable assistance.

Chenoa Fund FHA · Repayable and forgivable structures with different payment tests.

11 Mortgage

Sapphire · FHA assistance with a 3-year forgivable option.

Chenoa Fund · FHA repayable or forgivable options, with additional layering flexibility.

Quick Comparison

Credit score is one of the fastest routing filters

The manual’s FICO ladder creates a practical first-pass routing strategy.

FICOPrimary OptionsKey Takeaway
580DynamoOnly option identified below 600; manual underwriting accepted and true-grant structure.
600Turbo, PRMG NHF, PRMG Chenoa, Sapphire, 11 Mortgage ChenoaMultiple FHA DPA choices become available.
620Elevate ConventionalThe manual's only conventional DPA option; up to 105% CLTV.
640Elevate FHAManual underwriting is possible under the documented requirements.
660Boost FHA / USDA, AuroraAdditional options open, including USDA through Boost.

Program Highlights

What makes each option different?

ProgramAssistanceStructureNotable Requirement / Feature
Turbo FHA3.5% / 5%Repayable600 FICO; no income limit; 10-year second; first rate +2%.
Dynamo FHA2.5% / 3.5%True grant580 FICO; manual UW accepted; single-wide manufactured allowed; 210-day refinance hold.
Boost FHA3.5% / 5%Repayable or forgivableForgivable 3.5% after 60 consecutive on-time payments.
Boost USDA3.5%Repayable or forgivable100% LTV; 660 FICO; GUS Accept.
Elevate FHA2% / 3.5%True grant6-payment recapture window; 640 FICO.
Elevate Conventional1% / 2% / 3%True grant620 FICO; 97% LTV / 105% CLTV; only conventional option.
Aurora FHA3.5% / 5%Repayable or forgivable10-year repayable second; 3.5% forgivable after 36 consecutive on-time payments.
PRMG NHF National FHA3.5% / 5%Repayable or forgivable3.5% forgivable after 3 years from note date.
PRMG Chenoa FHA3.5% / 5%Repayable or forgivable5% forgivable option uses a 36-payment test.
Sapphire FHA3.5% / 5%Repayable or forgivable3.5% forgivable after 3 years; up to $2,500 principal reduction.
11 Mortgage Chenoa FHA3.5% / 5%Repayable or forgivable36 consecutive on-time payments; 180-day EPO penalty; layering may be permitted.

Eligibility

Six questions to ask before choosing a program

  1. Income & Eligibility
    Does the borrower meet the program’s income limit or an applicable exception?
  2. FICO
    Which programs remain available at the borrower’s actual credit score?
  3. Time in Home
    Does the borrower expect to sell or refinance before forgiveness is earned?
  4. Closing Costs
    Who will cover closing costs if the assistance is primarily allocated to the down payment?
  5. DTI
    Is the borrower’s DTI tight enough that a repayable second creates a problem?
  6. Property & State
    Check state availability, property type, manufactured-home rules and AUS/manual underwriting requirements.

Broker Strategy

A practical way to route the file

Start with grants when the borrower fits.

Dynamo and Elevate are the strongest first stops when the borrower meets their eligibility requirements. Dynamo stands out for 580 FICO, manual underwriting and single-wide manufactured homes. Elevate stands out for its conventional option at 620 FICO, 105% CLTV and FHA manual-underwriting pathway at 640 FICO.

580–599 FICO

Start with Dynamo. The manual identifies it as the only option below 600.

Need a Grant

Evaluate Dynamo or Elevate first, subject to income, geography, property and other program rules.

Moving Within 3 Years

Do not automatically sell the borrower on forgiveness. A repayable second or a different structure may be more appropriate.

Staying 3+ Years

Forgivable seconds can become attractive. PRMG NHF is highlighted in the manual as one of the cleanest calendar-based options.

Manual / Refer

Dynamo and Elevate FHA are the key manual-underwriting paths documented in the manual.

USDA

Boost USDA is the documented USDA DPA route, with 100% LTV and a 660 FICO requirement.

Important Details

Rules that can change the best answer

  • Turbo: the forgivable option was discontinued; Turbo is now repayable only.
  • Dynamo: the manual documents a 210-day refinance hold.
  • Manufactured homes: single-wide availability is specifically identified for Dynamo; other programs have additional restrictions.
  • Minimum LTV floors: Aurora, PRMG Chenoa and both 11 Mortgage programs have a 90% LTV floor.
  • Housing DTI: Boost and Aurora use tighter housing-ratio limits at lower FICO bands.
  • Washington: the manual identifies limited DPA availability and notes a documented inconsistency for Aurora that should be confirmed with the AE.
  • Buydowns: availability varies by program. Boost, PRMG Chenoa, 11 Mortgage Chenoa, PRMG NHF, Sapphire and Turbo have documented buydown options; Elevate and Aurora do not.

Always verify current program guidelines before structuring a loan.

This page is a condensed broker reference based on the August 23, 2026 manual. Program terms, eligibility, state availability and underwriting requirements can change.

Frequently Asked Questions

Common broker questions

Is down payment assistance always forgivable?

No. The manual identifies repayable seconds, forgivable soft seconds and true grants. Each has different costs and restrictions.

Which program is strongest for a 580 FICO borrower?

Dynamo is the documented option at 580 FICO and is also notable for manual underwriting and single-wide manufactured-home eligibility.

Which program offers conventional DPA?

Orion Elevate Grant Conventional is the only conventional program identified in the manual.

Can assistance be used for closing costs?

The manual emphasizes that grant assistance on the FHA side covers the down payment rather than closing costs, so seller concessions or lender credits may still be needed for a zero-cash-close structure.

What happens if the borrower sells or refinances early?

It depends on the program. Repayable seconds are generally due on sale or refinance, while forgivable programs can require repayment if forgiveness conditions have not been met. Some programs also impose refinance holds or EPO rules.

Complete Reference Manual

Want the full broker guide?

Download the complete Down Payment Assistance Programs Broker Reference Manual for the detailed program matrices, eligibility rules, state notes, underwriting requirements and routing guidance.

Download the Complete Guide

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