Which Program Is Right For You?
It has never been easier for First Time Home Buyers to get into their first home. With multiple loan programs available, it can be difficult to know which loan program is right for you. Luckily, your mortgage professional is equipped to help you make an informed decision on which program is right for you.
Conforming
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FHA
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VA / USDA
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Depending on the loan program that you select, you will be required to have a down payment on your home. Conforming and FHA loans both require a down payment with some slight differences between the two programs. VA and USDA loan programs offer 0% down financing but they come with restrictions. VA loans are reserved for veterans, while USDA loans are for homes in rural areas. Homes that are located in urban areas, do not qualify for USDA lending. Most buyers will fall into the Conforming or FHA bucket and will need to have a down payment.
Down Payment Assistance
The most common barrier to homeownership today is saving enough money for a mortgage down payment. We have access to a borrower assistance program that provides up to $2,500 for income-qualified borrowers to use towards the down payment or closing costs required to finance a home. Combining Down Payment Assistance with Gift Funds or Lender Credits can drastically reduce the amount of money that you need in order to fund your loan. Ask your mortgage professional how you can take advantage of these savings options and get into the home that you deserve.
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UWM’s BorrowSmart—This program is fantastic for home buyers looking to get into a conventional loan program while also receiving down payment assistance that you will never have to pay back. This 3% down program gives qualified borrowers up to $2,500** to be used toward their down payment.
** Borrowers who have an income level at or below 80% AMI receive $1,250 in Down Payment Assistance. Borrowers with an income level at or below 50% AMI receive $2,500 in Down Payment Assistance
Go Conventional With 3% Down!
While most buyers will have to put the minimum 5% down for their loan, you may qualify for a 3% Down Conventional program. First Time Home Buyers and buyers with income less than 80% AMI now have the ability to get into a conventional loan program to obtain their mortgage.
Do You Qualify?If you meet one or more of these standards, you may qualify!
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What is AMI?The Area Median Income (AMI) is the household income for the median household in a region. Each year, the Department of House and Urban Development (HUD) calculates the median income for every metropolitan region in the country. HUD goes by region, rather than city, because families looking for housing are likely to look beyond the city itself to find a place to live. Ask your mortgage professional about your county's AMI limit or look for yourself by clicking the link to Fannie Mae's website.
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3% Down Conventional Programs
Freddie Mac HomePossible and Fannie Mae HomeReady
- Purchases up to 97% LTV, include FTHB
- Reduced Mortgage Insurance
- Income up to 80% AMI
- Gift Funds available for entire Down Payment
- Refinances up to 97% LTV
Why Should You Choose A Mortgage Broker?
Going with a mortgage broker over a "big bank" can be the best decision you make for your home purchase. On average, people who go with a broker have a lower rate, lower closing costs, and faster loan turn times than those who go with large retail banks. Get the personalized loan process that you deserve, call me today to get started.
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