By Phil Ganz
Edited by Ryan Skerritt
Homebuyers are often faced with the challenge of coming up with a substantial down payment, but two powerful programs offer relief.
The Elevate DPA Grant program provides up to 3.5% of the home’s price in assistance, while the UWM 0% Down Purchase program offers up to $15,000 in down payment support.
See Which Florida DPA Programs You Qualify For
But which one is right for you? Let’s break down these programs and see how they stack up.
Don’t qualify for these programs? No worries—there are 25 other Florida DPA programs we’ve compiled to help you find the right one for your needs!
What is the Elevate DPA Grant Program?
The Elevate DPA Grant Program is designed to help low-to-moderate income homebuyers by offering between 1% and 3.5% of the home's purchase price for down payment or closing costs.
The assistance is provided as a grant, meaning that borrowers don’t need to repay the funds unless they refinance or pay off the loan within the first six months.
This program is available nationwide, excluding Washington state, and works with FHA loans, Fannie Mae, and Freddie Mac loan products.
See Which Florida DPA Programs You Qualify For
What is UWM 0% Down Purchase Program?
The UWM 0% Down Purchase Program provides a 3% down payment assistance loan, up to $15,000, for qualified homebuyers.
Unlike the Elevate program, this assistance is offered as a second lien mortgage with no interest and no required monthly payments.
The second lien is due when the borrower either refinances or pays off the first mortgage, but payments can be made on it throughout the loan term.
UWM’s program is available exclusively through independent mortgage brokers.
See Which Florida DPA Programs You Qualify For
Comparing the Benefits
- Elevate DPA: Grants up to 3.5% of the home’s price, with no monthly payments or interest, and no need to repay unless the loan is paid off early.
- UWM 0% Down Purchase: Offers a second lien mortgage of 3%, up to $15,000, with no interest and no required monthly payments. However, the full amount is due upon refinance or payoff of the first loan.
Our Opinion:
While Elevate DPA offers great flexibility with no repayment obligations unless you refinance, the UWM 0% Down Purchase Program provides a significant advantage with its 0% down option.
The fact that borrowers can purchase a home with absolutely no upfront down payment is a game changer for those who might struggle to save for a large down payment.
For buyers looking to get into a home immediately without needing to bring any money to the table, UWM's program stands out as a major benefit, despite the second lien repayment requirement.
See Which Florida DPA Programs You Qualify For
Comparing the Requirements
- Elevate DPA: Borrowers can earn up to 160% of the Area Median Income (AMI) and need a minimum FICO score of 620. Homebuyer education is required, but there are no specific requirements for first-time buyers.
- UWM 0% Down Purchase: Borrowers must be at or below 80% of AMI and have a minimum FICO score of 620. Home Possible® guidelines apply, and very low-income borrowers (below 50% of AMI) receive an additional $2,500 credit.
Our Opinion:
Although Elevate DPA offers more flexibility with higher income limits, UWM’s 0% Down Purchase Program targets buyers with lower income thresholds but provides an incredible opportunity for those who qualify.
The additional $2,500 credit for very low-income borrowers further reduces their financial burden, making homeownership even more accessible.
For buyers with limited income, the UWM program’s tailored requirements, combined with its 0% down feature, provide a very compelling option.
See Which Florida DPA Programs You Qualify For
Which Program is Better for You?
Both programs offer substantial benefits, but they cater to different types of borrowers.
Elevate DPA is better suited for buyers who want flexibility in income limits and prefer the peace of mind that comes with a grant. It’s ideal for those who don’t want to worry about repaying assistance, especially if they don’t plan to refinance in the near future.
However, the UWM 0% Down Purchase Program offers something unique that should not be overlooked: the ability to purchase a home with no upfront down payment.
This feature can be a huge advantage for buyers struggling to save for a down payment, allowing them to get into a home immediately with no out-of-pocket cost.
Additionally, the $2,500 credit for very-low-income borrowers is an exceptional benefit for those who qualify.
See Which Florida DPA Programs You Qualify For
Overall Verdict
While Elevate DPA offers flexibility and no future payment obligations unless refinanced, the UWM 0% Down Purchase Program provides an undeniable advantage for those who need immediate assistance with no upfront cost.
If you are looking for a way to purchase a home with no money down and fit within the income guidelines, UWM’s program may be the better option.
However, for buyers looking for broader eligibility and long-term peace of mind, Elevate DPA remains a strong contender.
Each program offers unique benefits that can make homeownership a reality for different types of buyers.
See Which Florida DPA Programs You Qualify For
Frequently Asked Questions about Elevate DPA and UWM 0% Down Purchase Program
Here are some of the most common questions homebuyers ask about these two down payment assistance programs.
What is the Elevate DPA Grant Program?
The Elevate DPA Grant Program offers up to 3.5% of the home's purchase price as a grant to help cover down payment and closing costs for eligible homebuyers.
How much assistance does the UWM 0% Down Purchase Program offer?
The UWM 0% Down Purchase Program provides a 3% down payment assistance loan, up to $15,000, with no interest or required monthly payments.
Do I have to repay the Elevate DPA grant?
No, the grant does not have to be repaid unless the loan is refinanced or paid off within the first six months of purchasing the home.
When is the second lien due for UWM 0% Down Purchase Program?
The second lien is due when the first mortgage is either refinanced or paid off, but there are no monthly payments or interest on this lien.
What are the income limits for the Elevate DPA Grant Program?
The income limits for Elevate DPA are set at 160% of the Area Median Income (AMI), making it accessible to a wide range of borrowers.
See Which Florida DPA Programs You Qualify For
Who qualifies for the UWM 0% Down Purchase Program?
To qualify for the UWM program, borrowers must have an income at or below 80% of the AMI and meet Home Possible® guideline requirements.
What loan types are eligible for the Elevate DPA Grant Program?
The Elevate DPA program works with FHA, Fannie Mae, and Freddie Mac loan products, providing flexibility in loan type options.
Does UWM’s program offer extra benefits for low-income borrowers?
Yes, very-low-income borrowers (earning 50% or less of the AMI) receive a $2,500 credit, which does not have to be repaid.
Is homebuyer education required for the Elevate DPA Grant Program?
Yes, at least one borrower must complete homeownership education before the loan can close.
Can I make payments on the UWM 0% second lien during the loan term?
Yes, borrowers can choose to make payments on the second lien throughout the loan term, though it is not required until refinancing or payoff.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
