This is a new grant-based downpayment program that our partner lender is offering. You may be able to pay only .5% down! And the best part, the assistance $ is a grant so you don’t have to pay it back.
- 96.5% FHA 1st Loan, 3% Grant, ½% down payment from borrower
- No city restrictions
- Income limits apply, $80,040 (not based on total household income, just borrower’s income)
- Minimum FICO 640
- Minimum loan amount $50,000
- 1 Unit primary residence only
- Single family residences, FHA approved condos, PUDs.
- No manufactured housing
- Home buyer counseling is not required
- Non-occupant co-borrowers are not allowed.
- All borrowers must occupy the property
- Maximum debt to income ratio 45%
- Flip properties: maximum 120% above seller’s acquisition cost
If you are interested or want more information, please email me (shane[at]dealdone.com) and I’ll have our lender contact you directly.