Primary Residential Mortgage Down Payment Program

What is Primary Residential Mortgage Down Payment Program?

Primary Residential Mortgage Down Payment Program is a deferred second loan for homebuyers in Statewide, California.

• Lender-funded DPA. Multiple sub-products with different repayment terms.
• Up to 5% of loan amount in DPA via Primary Residential Mortgage. Deferred or repayable second mortgage depending on tier. Combines with Conv, FHA, VA, USDA.
• Funding comes from Primary Residential Mortgage, Inc.

Do you have to pay it back?

Primary Residential Mortgage Down Payment Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by sale, refinance, or end of term.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Primary Residential Mortgage Down Payment Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Primary Residential Mortgage Down Payment 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?

Primary Residential Mortgage Down Payment Program can be used for Single-family, Condo, Townhouse.

Where does it apply?

Primary Residential Mortgage Down Payment Program serves buyers purchasing in Statewide, California.

How do you apply?

Applications for Primary Residential Mortgage Down Payment 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.