0% Down Home Possible Loan Program
The 0% Down Home Possible Loan program down payment assistance is provided to cover up to the lesser of 3% or $15,000 of the required down payment cost.
This Exclusive 0% Down Purchase is a down payment assistance program that allows borrowers to receive a 3% loan up to $15,000. This program does not require buyers to be First Time Homebuyers Borrowers will have no required monthly payment on the second lien and the second lien does not accrue interest. The second lien is due in full as a balloon payment upon refinance of the 1st lien, a payoff or the final payment of the amortization schedule of the 1st lien.
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This 30yr Fixed loan program allows you to help more borrowers get into a home quicker without a down payment!​
Program Requirements
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Minimum 5% Down - The lesser of 3% or $15,000 assistance is used towards this down payment requirement
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All Borrowers must have a minimum FICO of 620 ​​
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Primary Home Purchases only - 1-Unit Single Family, PUDs & Condos (no manufactured homes)​
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No First-time homebuyer requirement- this means you can have owned a home within the last 3yrs or more and still qualify​
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80% Area Median Income(AMI) restrictions apply. If credit score less than 700. Income & property eligibility tool can be found HERE
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Income restriction is not required IF at least one buyer is a first time homebuyer AND credit score is at least 700​​
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LPA Findings must be ACCEPT - This is an automated system based on your credit score and credit rating
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Non-occupying Co-borrowers are permitted
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** For Buyers whose income is at or below 50% AMI, an additional credit of $2500 is provided!