100% financing is now available
A borrower could meet all of the criteria for their loan, but what if they just need more funding for a down payment? Some programs allow gift funds to be used as a source for down payment. While this is great for those who are able to use gift funds, it may not be an option for every borrower. Did a potential borrower have to use funds for down payment due to the pandemic? There are many reasons why an individual may not have an adequate amount for the down payment, but what if there was a way to get 100% financing?
The Federal Housing Administration, also known as FHA, has historically provided great loan options for borrowers. Individuals looking to purchase a home have been able to put as little as 3.5% down as a down payment. Imagine if you could put even less than 3.5% down for a down payment. Would you be able to purchase a new car to go along with your new home? Maybe you want to take that vacation to celebrate? Or, maybe you would simply like to have more funds on hand for emergencies. Whatever the case may be, there’s now an option for qualified borrowers to put as little as 0% down! That means 100% financing for you, allowing more money in your pocket.
Borrowers can now put as little as, nothing down! Thanks to a down payment assistance program, commonly referred to as DPA, qualified borrowers can now receive up to 100% financing to purchase the home of their dreams! What do you need to qualify? Borrowers will need to have a FICO score that is 580 or better and must have a debt-to-income ratio that’s acceptable by the automated underwriting system. Are you a first time home buyer? Excellent and congradulations! First time home buyers are also eligible for our down payment assistance program. Following FHA guidelines and desktop underwriting findings are also a requirement for borrower eligibility. Loan amounts are also determined by FHA county limits.
Are you ready to get started? We are here to answer any questions that you may have and will be right by your side throughout the entire process. Purchasing a home is one of the biggest purchases that most people will make! We are here to make the experience magnificent, as if it were our own home purchase. Don’t wait until it’s too late! Call, text, or email us today to discuss options about purchasing your dream home!