FHA Loan 1.5% Down Program
Are you looking for an FHA Loan but do not have enough for a full 3.5% down payment? My name is Ramazan Sinani and I am a Loan Officer with Northeast Financial Mortgage. I want to introduce a Down Payment Assistance program for qualified borrowers. This FHA program provides down payment assistance with a completely forgivable grant of to 2% of the 3.5% required with a standard FHA Loan. As a result, all the borrower needs to come up with is the remaining 1.5% of the down payment.
Some basic requirements and options are:
- Purchase only!
- Seller concessions of up to 6%.
- No Resale or borrower repayment restrictions.
- 20, 25, and 30 year fixed.
- Minimum Credit Score Requirements Apply.
- 1 to 2 unit Primary Residence.
- Manufactured Housing (Single-width, Multi-width, and Manufactured Housing Condo Projects).
- FHA HRAP Approved Cond.
- Planned Unit Developments (PUDs).
Borrower MUST qualify under just one of the following three requirements:
1) First of all, the income of all borrowers on the loan application must be equal to or less than 140% of the state or county median income. This is regardless of family size. As well it is based upon the state or county where the Subject Property is located.
2) In addition, any Borrower on the loan application can be a current, retired, volunteer or non-paid:
- First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar).
- Medical personnel (nurse, doctor, phlebotomists, health ambassador, or hospital, American Red Cross worker, or similar).
- civil servant in a Federal, state or local municipality.
- Military Personnel.
3) Any Borrower on the loan application is a First-Time Home Buyer who meets the following criteria:
- Purchasing the Subject Property.
- Will live in the property as primary residence.
- Or have had no ownership interest (sole or joint) in a residential property in the last 3 years.
Borrowers may also use this program with the combination of the following Rehab programs:
- An FHA 203(b).
- FHA Limited 203(k).
- FHA Standard 203(k).
- And finally, an FHA Repair Escrow.
In conclusion, borrowers who are interested in this program (or any other program) must go through a simple pre-approval process to verify eligibility. Give me a call today and we can get started! If something seems like it is too good to be true it usually is. Yet this FHA Loan program defies that and really offers a much needed resource to homebuyers.