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SmartBuy™ DPA Program FAQs

Looking for answers about the SmartBuy™ DPA Program? Whether you’re pricing a loan, updating a lock, or evaluating program eligibility, this page covers our most frequently asked questions about program guidelines, rate sheets, and processes. Use the tabs below to explore FAQs by category.

  • Does the SmartBuy™ DPA program require homebuyer education?
    No, homebuyer education is not required for borrowers using the SmartBuy™ DPA Program.
  • Can other DPA programs be combined with SmartBuy™?
    Yes, additional down payment assistance programs can be combined with SmartBuy™ as long as they do not create a lien.
  • Where can I find the current SmartBuy™ Program Guidelines?
    The most recent program matrix is available under our Resources tab. You can also review recent updates on the Announcements page.
  • Does SmartBuy™ offer a conventional first lien option?
    No, SmartBuy™ is available exclusively with 30-year FHA or USDA first liens.
  • Are eNotes accepted with SmartBuy™?
    Yes, Click n' Close™ accepts eNotes for both the first and second liens under the SmartBuy™ program.
  • Is off-sheet pricing available for SmartBuy™ loans?
    No, all commitments must use rates available on the current SmartBuy™ rate sheet. For the most up-to-date rate sheet, please email the Trade Desk at tradedesk@clicknclose.com.
  • How can I access daily SmartBuy™ DPA pricing?
    Approved sellers receive daily pricing directly from the Lock Desk each morning. If you are not yet approved, contact us at tradedesk@clicknclose.com to request access.
  • Is SmartBuy™ available for investment properties or second homes?
    No, SmartBuy™ DPA is only available for primary residences. All properties must be owner-occupied throughout the term of the second lien.
  • Can SmartBuy™ DPA be used for new construction?
    Yes, SmartBuy™ can be applied to new construction homes, provided the property meets FHA or USDA guidelines and is owner-occupied.
  • What property types are eligible under the SmartBuy™ DPA Program?
    Eligible properties include single-family homes, condos, and townhomes. Manufactured homes are also eligible with specific requirements under the 5-Year Forgivable Option and 10-Year Repayable Option.
  • Does SmartBuy™ allow for Lock and Shop?
    Yes, SmartBuy™ allows for Lock and Shop, enabling borrowers to secure their rate before selecting a property.
  • Are there income limits to qualify for SmartBuy™ DPA?
    No, there are no income restrictions for SmartBuy™. It is designed to be accessible to a wide range of borrowers nationwide.
  • Is Click n' Close™ Correspondent Lending the same as Mid America Mortgage?
    Click n’ Close™ was formerly known as Mid America Mortgage. The company rebranded in 2022 to reflect its expanded focus on mortgage technology and correspondent lending, following the sale of the majority of its retail lending operations. While the name has changed, our commitment to delivering innovative solutions like the SmartBuy™ DPA program and providing trusted service remains the same.
  • Who should I contact with questions about final loan pricing?
    For all pricing inquiries, please email our team at tradedesk@clicknclose.com.
  • Where can I find the latest SmartBuy™ rate sheet?
    For the most up-to-date rate sheet, please email the Trade Desk at tradedesk@clicknclose.com.
  • Is SmartBuy™ pricing available for loans not listed on the rate sheet?
    No, SmartBuy™ loans must lock at the pricing published on the current rate sheet.
  • Does SmartBuy™ allow for temporary interest rate buydowns?
    Yes, temporary 2-1 buydowns are allowed under SmartBuy™, making it easier for borrowers to manage initial payments.
  • Are there rate lock extension options if the loan doesn’t close on time?
    Yes, rate lock extensions are available. For specific terms and pricing adjustments, reference the Pricing Policy under the Resources tab.
  • How do Loan Level Price Adjustments (LLPAs) impact SmartBuy™ pricing?
    LLPAs may apply based on factors like credit score, property type, and loan-to-value ratio. These adjustments are reflected in the final loan pricing.
  • How do I make updates to a locked loan?
    To make updates, please send your request directly to tradedesk@clicknclose.com.
  • When should I expect second lien funds to be disbursed?
    Redco typically disburses second lien funds within 3–5 business days after the first lien has been funded.
  • I found an error on the Purchase Advice. What should I do?
    If you discover an error, contact tradedesk@clicknclose.com for post-purchase reconciliation.
  • Can I submit loan documents electronically?
    Yes, Click n' Close™ accepts electronic submission of loan documents. Please refer to your onboarding guide for specific instructions and access the Click n' Close™ Correspondent Portal.
  • What is the turnaround time to receive conditions once the loan package has been uploaded?
    Loan packages are typically reviewed, and conditions are issued within 48 hours.
  • How do I update borrower information after a loan is locked?
    To update borrower information, email your request to tradedesk@clicknclose.com with the loan number and specific changes needed.
  • What should I do if a borrower changes their property during the lock period?
    If the borrower changes the property after the rate is locked, a new lock request must be submitted. Contact the Trade Desk at tradedesk@clicknclose.com for further instructions.
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Still Have Questions?

Our team is here to help you navigate the SmartBuy™ DPA program. For additional information, see below:

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