Luminate Bank Luminate PATH National DPA Program

What is Luminate Bank Luminate PATH National DPA Program?

Luminate Bank Luminate PATH National DPA Program is a forgivable loan for homebuyers in Statewide, California.

• Lender-funded forgivable second. 3-year ramp.
• Up to 5% of loan amount as forgivable second mortgage. 3-year forgiveness on owner-occupancy. Combines with Conv or FHA first.
• Funding comes from Luminate Home Loans.

Do you have to pay it back?

Luminate Bank Luminate PATH National DPA Program is forgiven after 3 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by sale or refinance within 3 years (otherwise forgiven).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Luminate Bank Luminate PATH National DPA Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Luminate Bank Luminate PATH National DPA Program sets its income limit as follows: Per first mortgage program guidelines.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Luminate Bank Luminate PATH National DPA Program can be used for Single-family, Condo, Townhouse.

Where does it apply?

Luminate Bank Luminate PATH National DPA Program serves buyers purchasing in Statewide, California.

How do you apply?

Applications for Luminate Bank Luminate PATH National DPA Program go through the administering agency.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.