0 Down Conventional Loan Progam Just Announced

Dated: 10/15/2014

Views: 1149

 ZERO down Conventional loan!  New grant program just announced that is similar to the Home in 5 program but it is BETTER 

Here is how it works: 
  • The buyer can finance a 30 year Conventional up to 97% of the home’s purchase price (under this program only
  • The buyer then receives a grant equal to 4% of their loan amount which CAN go toward their down payment and or closing costs
  • There is no minimum contribution from the buyer and therefore all of their down payment may come from this grant This is a gift/grant.
  • There is NO repayment requirement and no prepayment penalty related to the loan or the gift.
  • The Conventional loan is a special Fannie Mae 30 year fixed Conventional product that allows for a 3% down payment (all other Fannie Mae loans require 5% down)
LOAN FEATURES:·        
  • Grant given to buyer equal to 4% of the loan amount to be used for down payment and/or closing costs
  • Maximum Conventional Loan Limit: $353,360
  • No prepayment penalties
  • No subsidy recapture tax
  • No Home inspection required (appraisal is required) 
BORROWER REQUIREMENTS:
  • Maximum Household Income: $88,340
  • Minimum Credit Score For loan to values from 95.01 to 97%: 680
  • For loan to values < 95%: 640
  • Maximum Debt to Income: 45%
  • Borrower must complete a homebuyer course prior to closing
  • No first time homebuyer requirements 
PROPERTY REQUIREMENTS:     
  • Eligible property types: New or existing single family residences  or Town homes        
  • Must be an owner occupied transaction (borrower must occupy within 60 days of the loan funding
  • NO condos allowed and NO manufactured homes allowed
WHERE IS THIS AVAILABLE?: 
Maricopa County as well as all other Counties in Arizona except Pima

Contact me today to get in touch with the right lender that offers this program and to get your home search started.
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Chad Hagenson

Coming from a long family history in the real estate profession, I virtually grew up in the industry. I moved from Northeast Iowa to Mesa, Arizona in 1984. I began working for a busy real estate offi....

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