DPA, or Down Payment Assistance comes in all shapes and sizes. DPA is an awesome way to bridge the gap between owning and renting. But let me delve into this a little to help bring some clarity in how they work.

First off, Grants are a form of DPA, but not all DPAs are grants. A grant comes from an entity, typically a government body, which “loans” you a sum of money (usually $5000 or more) for down payment and/or closing costs. Yes, I said “loans” and not gives. There’s only one grant I’ve ever worked with that was an actual gift never n...

Home Equity Lines of Credit, or HELOCs, are a loan instrument used to access your home equity.

I want to address what they are and then how to get them.

First, a HELOC does not function like a regular mortgage. It is not an installment loan. But it IS a lien against the title to your house, just like a regular mortgage is. And if you fail to make your payments on time you can lose your house to foreclosure. A HELOC can be charged up and paid off and charged up again just like a credit card. As long as you have equity you should be able to...

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Josh Thomas NMLS #314438 | UT #5540196 | Corp NMLS #2727