More programs.
Not available elsewhere.

How Lender DPA Works

BrickWood Mortgage accesses programs most buyers never see.

What Are Lender In-House Down Payment Assistance Programs?

Most buyers are familiar with government-backed down payment assistance programs like SC Housing's Homebuyer Program or the Palmetto Heroes program. These are administered by the South Carolina State Housing Finance and Development Authority and are publicly documented. What many buyers do not know is that a large number of wholesale mortgage lenders also offer their own proprietary down payment assistance programs that are only accessible through approved mortgage brokers.

BrickWood Mortgage is a mortgage brokerage, not a direct lender. This means it maintains relationships with more than 30 wholesale lenders simultaneously and can shop your loan scenario across all of them to find the program that best fits your financial situation. Many of these wholesale lenders have developed in-house DPA programs with their own eligibility requirements, income caps, and assistance amounts. These programs are not advertised publicly and are only available through brokers who have been approved by those lenders.

The advantage of a mortgage broker over a direct lender is that the broker is not limited to one institution's products. A direct lender can only offer what their own bank has developed. A broker can compare programs across an entire network in a single conversation.

Important: Down Payment Assistance Programs and Interest Rates

Every down payment assistance program, whether through SC Housing or a lender's in-house offering, carries a trade-off: a higher interest rate. On average, DPA programs raise your mortgage interest rate by approximately 2 percentage points above the market rate. If you would qualify for a 7% rate on a conventional loan, you should expect roughly a 9% rate if you use a DPA program.

This means the assistance makes financial sense only if your income can comfortably support the higher monthly payment. Your BrickWood loan officer will run both scenarios side by side before you decide: the standard loan at the lower rate versus the DPA loan with reduced upfront cost but higher monthly payment. The goal is to find the option that works for your actual budget over the life of the loan, not just at closing.

About BrickWood Mortgage

BrickWood Mortgage (NMLS #189497) is an SC-licensed mortgage brokerage and Chapter 3 Realty's preferred lending affiliate. This is a disclosed RESPA Affiliated Business Arrangement. You are never required to use BrickWood Mortgage as a condition of your real estate transaction with Chapter 3 Realty. However, when you use both, coordination between your agent and loan officer can reduce transaction timeline and improve communication at critical stages of the purchase process.

Chapter 3 Realty is not a lender and does not originate mortgage loans. All loan program information is subject to change. Contact BrickWood Mortgage directly for current program availability, rates, and eligibility requirements. Equal Housing Lender.