Affordable Financing is Now Available to Qualified Buyers!
When buying a home you find yourself with many challenges. Affordability is probably the most challenging, right up there with making the timing of the move work and being able to find what you actually want to live in! Well if you are in the market to purchase a home, you will be relieved to know you can now do it with as little as 1% down. Yes ONE PERCENT! This is no typo!
There's the old standby, traditional downpayment assistance
You maybe familiar with what we in the real estate industry refer to asl"Down Payment Assistance Programs" these programs are available through the Local governments who joined forces to provide bond financing such as Metro Mortgage Assistance Plus. The Colorado Housing and Finance Authority known as CHAFA also offers low down funds. Typically these programs have a requirement that the buyer live in the home for a certain length of time before they can sell and keep their equity without sharing it with the lender or they are limited to first time buyers. Each program has different requirements that might be restrictive.
The Latest Low Down Loan Features Are Great!
Today I discovered yet another plan that is far better than anything I've seen yet! This plan allows a borrower to purchase with only 1% down! The mortgage company provides the other 2% down on behalf of the borrower!
This program is open to buyers with a minimum credit score (FICO) of 680 and a maximum income of 100% of the area median income. This varies from county to county but it's around $83,000/annually.
The borrower DOES NOT NEED TO BE A FIRST TIME HOMEBUYER! Condos are OK. The "debt to income ratio" can be as hight as 50%. It is conventional financing so the home isn't scrutinized like an FHA/VA loan.
The underwriting is flexible with credit given to for boarder income and rental income.
Purchasing a Home Comes with Responsibilities...
Like other low downpayment assistance programs the borrower is required to attend a homeownership class. The class associated with this program can be taken online. There is a small fee, but for a limited time there are discount coupons available, you just need to ask!
Don't forget in addition to the 1% a buyer is responsible to pay for their closing costs, inspection fees, etc.
If you are interested in learning more,
I'm happy to talk to you and connect you with the lender. Only then can we determine if this program is a good fit for you. Call me, I welcome your call! 303-589-2022