In order to offer our Borrowers the down payment assistance program, SteveKnowsLoan is pleased to announce our partnership with National Homebuyers Fund, Inc. (NHF). First-time buyers who are unable to come up with a 20% down payment can greatly benefit from the down payment assistance program. Only FHA purchase transactions are eligible for this grant, and the entire amount is forgiven without any repayment necessary. Homebuyer counseling is obligatory, and there are rules that must be followed.
The FHA Down Payment Program has several advantages, and here are just a few.
The NHF Sapphire Grant is either 3.00% or 5.00% of the total loan amount for a 1st mortgage.
There is no need to pay back the grant at all.
This grant money may be applied toward a down payment and/or closing costs.
There is a 6% seller credit available.
Money can be given as a gift.
Compatible with Mortgage Credit Certificates and other Down Payment Programs.
It is not essential that the borrower(s) be first-time purchasers.
The income cap applies only to transacting income and not total household income.
The Needs of the Program:
Minimum credit score of 620, maximum debt-to-income ratio of 45%.
Restriction on Income: 115% of the Median Income in Your Area.
Borrowers are only allowed to use the property for their principal residence.
The maximum loan amount allowed by HUD, if any, or $625,000, whichever is lower.
Homebuyer Education or Counseling is required for at least one Borrower.
1.5% Origination Fee Paid by Borrower – May be Covered by Grant.
Contact us if you want to learn more about our fantastic Down Payment Help service.
Call Steven Jackson at 813-616-9411 now!
