(1) New "FHA 100" Loan Program with ZERO (Yes, ZERO) Down Payment
- ZERO Down Payment
- Minimum credit score is 620
- No income limitations. However, if the buyer's income is below the area median, the second mortgage is forgiven after 3 years of on-time payments.
- Maximum debt ratio 50%
- You do not need to be a first-time homebuyer. However, you cannot have another FHA loan at the time the home closes escrow.
- Does it have to be paid back? Only if the property is sold or refinanced within 3 years. No other restrictions after 3 years.
(2) "Wish Program" Down Payment Assistance Grant
- 3:1 matching grant for down payment up to $15,000: The buyer puts up between $1500 and $5000 and wish matches It $3 for every $1. The funds can be used towards your down payment or closing costs.
- No FICO score requirement!
- Income limited to 80% of area median for the family size
- The grant is a second lien, however, is forgiven after 3 years.
- Does it have to be paid back? Only if the property is sold or refinanced within 3 years. No other restrictions after 3 years
Buying your dream home is easier than you think...
Work with Realty ONE Team to help you buy your home.
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