FHA Down Payment Assistance Programs
FHA Purchase
- 5% Down payment assistance
- 3.5% Down payment and 1.5% of the purchase price to help pay for the closing costs!
- 620 middle credit score required
- Manufactured/Mobile Home require a middle credit score of 660!
- Maximum income allowed is 115% of the area median income.
- Maximum interest rate and A.P.R. Annual Percentage rate is 6% on the second mortgage for the downpayment assistance.
- Second mortgage is forgiven after 120 consecutive monthly payments.
- Maximum debt to income ratio 50% of buyer(s) gross monthly income for all debts.
- Buyer must be a first-time home buyer, can’t have owned a property in the previous 36 months
- Home Buyer Education program is required
You don’t need 5% Down Payment!
- 3.5% Down payment assistance available of FHA mortgages
- Second mortgage is forgivable after 36 consecutive months payments, 30-year term with 0% interest and A.P. R. annual percentage rate and no payments
- 620 Middle credit score required
- 660 Middle credit score required for Manufactured/Mobile Homes
Need Higher income limit!
- 135% of area median income
- 640 middle credit score required Manufactured/Mobile Home 680 middle credit score required
- 3.5% and 5% down payment assistance available
- Second mortgage is a 10-year repayable mortgage at a fixed interest & A.P. R. Annual Percentage rate of 6%
- 3.5% second mortgage 10 year repayment.
- 5% second mortgage with a 30 year payment is also available!
- 580 Middle credit score requirement
- No Income restrictions
- No ownership restrictions (can own other properties)
- irst time home buyer not required!
- Gift’s allowed
- Homebuyer education required
- Manufactured/Mobile Home
(640 middle credit score required) Single & Double Wide allowed! - Non-occupying Co-borrowers allowed!
- One application and approval!
- Manual underwriting allowed with 620 score!
