Buyer can qualify so long as:
-Household Income is less than $123,395
-Sales Price of New Home is $417,000 or less
-They qualify for standard FHA or Conventional financing
-They do not own any other property at the time of purchase (do NOT have to be a 1st time buyer though)
How it works:
-Borrower gets an FHA loan or can get a Conventional loan up to 97% Loan to Value
-The DC Housing Finance Agency (HFA) supplies a Down Payment Assistance Loan* for 3.5% (FHA) or 3% (Conventional) that your borrower uses for their down payment.
-Borrower can get up to 6% seller help (FHA) and 3% seller help (Conventional).
-Loan is completely underwritten by First Home, DC HFA only reviews the file for compliance, so standard 30 day closings are not a problem!
We are one of the handful of lender’s able to provide this product. The product is one of the best, most efficient ways to get borrower’s with limited funds into a new house. Or, if we have a listing that may fall into this category it’s a great marketing tool for our listing!
Rates are set daily by the DC HFA. While rates are slightly higher on the Conventional product, the mortgage insurance is much less than even a 10% down standard Conventional loan!
By far the best niche product of 2014, call me today to find out more!!
*The Down Payment Assistance Loan is a 0%, non-amortizing, subordinate loan, due upon the sale, refinance, or once borrower no longer occupies the property.
Kristopher Shenton
Sr. Loan Originator
Phone: (202)400-1533
Fax: (443) 725-0601
NMLS #276141
Licensed in the District of Columbia, Maryland, and Virginia
Skype: krisshentonmortgageteam
About Josette
