Down Payment Assistance
made simple.
It’s that simple!
NO overlays, hidden fees or cost through higher rates.
NO 1st-time buyer requirement.
NO income limits.
57% Max DTI (Debt-to-Income Ratio).
620 credit score and over.
Receive up to 5% of your purchase price in assistance on your new purchase. These funds will cover your 3.5% down payment and leave over additional funds to be contributed towards your closing costs.
The funds provided are structured as a 2nd lien, amortized over 30 years, with no pre-payment penalty. You may payoff the 2nd lien at anytime, or roll the payoff into the new 1st mortgage when refinancing, provided you have sufficient enough equity to do so.
“My husband and I were relocating from Florida to Texas for a new job. The SmartBuy Program gave us the financial flexibility to buy our house while still being able to afford our moving costs.”
Alison E. — Dallas, TX
How it works.
Funds for the SmartBuy second lien are provided by the Rosebud Economic Development Corporation.
Example:
$300,000 purchase price
5% SmartBuy funds provided $15,000
Funds can be used for Down Payment, Closing Costs, Rate Buy Down, or a combination of all three.
Unlike most other down payment assistance programs there are no income limits associated with the program. Program participants need not be a first time buyer to qualify either. Standard FHA qualifications apply, must have a 620+ credit score.
To utilize SmartBuy you must be working with a SmartBuy participating lender.
Frequently Asked Questions
Is there a minimum credit score requirement to qualify for the SmartBuy program?
Yes, all borrowers who are on the loan must have a 620+ middle credit score.
Is there an income limit as to how much someone can be earning in order to qualify for the program?
No, there is no income ceiling that one must remain under in order to qualify.
Can I receive more or less than the 5%?
You can receive up to 5%. However you can opt to take either 5% or 3.5%.
Who do I make application for the SmartBuy program through, and or who determines whether or not I qualify for the program?
The SmartBuy program goes hand in hand with your first mortgage. Your loan officer who is handling your primary financing will assist with your qualification and determine your eligibility.
Can any loan officer offer the SmartBuy program?
No, only approved lenders/loan officers can offer the SmartBuy program. Please use the lender search function on the site to find a SmartBuy approved loan officer.
Is there a set period of time I must keep the SmartBuy second in place for?
No, there is no pre-payment penalty associated with the program. You may payoff the 2nd lien at anytime, or roll the payoff into the new 1st mortgage when refinancing, provided you have sufficient enough equity to do so.
Aside from down payment, can I also use the SmartBuy funds for closing costs and or to buy down my rate?
Yes, funds received from the SmartBuy program are not limited to use toward down payment only. You can use the funds toward down payment, closing costs, rate buy down, or a combination of the three.
Do I have to be a first time buyer to utilize the SmartBuy program?
No, you do not need to be a first time buyer in order to use SmartBuy.
Can I use SmartBuy with a Conventional loan or a VA loan?
No, SmartBuy at present time can only be used in conjunction with FHA financing.
If I have a bankruptcy or foreclosure within the last 7 years can I use SmartBuy?
Yes and no, no foreclosures are allowed within the last 7 years. Bankruptcy rules follow standard FHA guidelines.
What states are eligible for the SmartBuy program?
The following states are NOT eligible for SmartBuy use:
Nevada, Utah, Missouri, Kentucky, New York, Maine, Rhode Island, Vermont, Delaware, New Hampshire.
Are there any specific fees and or closing costs attributed to the SmartBuy program?
Yes, a $500 admin fee along with any applicable state recording fees and title charges.