Mortgage Programs
Cash Saver
One of the biggest obstacles to owning a home is the amount of funds needed for the down payment, pre-paid items, and closing costs.
The Cash Saver Down Payment Assistance Program Loan (DPAL) can help!
Closing The Gap For
Closing Costs
To help applicants overcome the cash-out-of-pocket obstacle, GRB offers the Cash Saver DPAL program to provide down payment assistance. This second mortgage of up to $10,000 allows borrowers to secure down payment and closing cost assistance.
The Cash Saver may be used to replace seller concessions and fills the gap when households are over the income limits for grants but may still be short money for closing.
Cash Saver Guidelines
Using a DPAL offers flexibility for a range of buyers. Cash Saver guidelines include:
- No requirement to be a first-time home buyer
- Completion of a homebuyer education class required
- DPAL interest rate is the same rate as the first mortgage
- May be used for down payment, pre-paid items and closing costs
- Home must be owner occupied
- Available for 1-4 family owner-occupied properties
- Maximum household income levels apply
Contact Our Mortgage Team
Click the button below to fill out our ‘Contact Us’ form, and a GRB Mortgage Originator will be in touch to answer your questions!