Financing a Home can be Scary- But maybe not...

May 23, 2019

Here is a list of a few wonderful options that may help you purchase your dream home:  

 

USDA 100% Financing Program
Zero down payment
640 minimum credit score
Property must be located in targeted area

Income restrictions apply
Seller can pay 6% of purchase price toward closing costs

 

FHA Program
Low down payment, can be as low as 3.5% of the purchase price of the home
580 or higher credit score (500-579 must make payments of at least 10%-under 500 usually ineligible)
Parents or family member can co-sign on loan
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs  
Can borrow from the FHA Streamline 203(k) Renovation Loan for repairs-can be include in the loan amount
(great program to fix up foreclosures) 
 

Home Ready Program
Fannie Mae Conventional Program
Low down payment and more flexible sources of funds:

HomeReady™ allows a down payment of just 3% on a home and permits the "income pooling" for all  of the members of a household. This means that income from grandparents, parents relatives and working children can all be used to help qualify for a home loan

620 minimum credit score
Loan designed for low to moderate income borrowers
Lower mortgage insurance options

In order to be eligible for the HomeReady™ program:

1. You must not be an owner of another residential property    in the United States

2. You must agree to complete a 4-6 online homeowner          counseling course

 

Good Neighbor Next Door
Get home at 50% discount on home in target areas.
Must be law enforcement, police officer, teacher, firefighter,  or emergency medical technician to be eligible

Low Down Payment Option available in HUD Participating Communities

 

Home Possible Neighborhood Solution Program
You may be eligible for this program if you are a Teacher, Law  Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel

620 Credit Score
Reduced mortgage insurance 
Flexible Qualification Guidelines

 

VA Loan  

Fixed rate loan program with 0 Down Payment for veterans or  active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard - Reservists eligible with 6 yrs service

620 minimum credit score
No maximum loan limit
Single family home-VA Approved Condos-townhome, primary residence only

Doesn’t require mortgage insurance

One-time funding fee which varies, depending on the amount of the down payment and the type of veteran. For example:

A borrower in the armed forces getting a VA loan for the first time, with zero down payment, would pay a fee of 2.15 percent of the loan amount. The fee is reduced to 1.25 percent of the loan amount if the borrower makes a          down payment of 10 percent or more

 

Fannie Mae or Freddie Mac

Government-sponsored

They work with lenders to offer mortgage options that benefit low and moderate income families

Competitive interest rates

Accept down payments as low as 3% of the purchase price

 

 

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