Highlights
Don’t pay a higher rate to get down payment assistance
Most down payment assistance programs charge higher interest rates. With Strive, you get the same rate on your first mortgage that you would get if you were using your own funds.
Don’t pay extra points
Many lenders charge extra discount points with down payment assistance loans. So, while they claim you are getting 5% for assistance, you have to pay 2 discount points or more to get the funds. So your net assistance is only 3%. To make matters worse, in many cases you have to repay the full amount, which essentially amounts to a 40% interest rate on the assistance. At Strive, what you borrow is what you get, with no extra points.
Straightforward guidelines
The only overlay is an automated approval through either Desktop Underwriter (DU) or Loan Prospector (LP). If you have an automated approval on a conventional loan, you are eligible.
No income limits
There are no income limits for this program.
Down Payment Assistance or Closing Costs
Use funds for down payment or closing costs to help you structure your financing in the best way possible.